Floki Inu Eyes Break Out At $0.00000800, But The Price Must Do This First
October 06 2022 - 6:45PM
NEWSBTC
FLOKI price continues to struggle as price ranges in a downtrend
channel with a major breakout imminent. FLOKI trades below
key resistance as price ranges under 8 and 20-day EMA. The price of
FLOKI struggles to flip key resistance into support. Floki
Inu (FLOKI), one of the most popular memecoins in crypto, is
expected to upset Shiba Inu, which won the hearts of many after a
brief surge but may be set to repeat this move. All indicators and
patterns indicate that the price of Floki Inu (FLOKI) is overdue
for a rally to the $0.000015 region, and even higher if bulls are
willing to push this price to a new high despite the current market
downtrend. Floki Inu (FLOKI) has received a negative response, with
prices trending in a downtrend channel while other altcoins and the
crypto market look to bounce from key support areas. (Data from
Gate.io) Related Reading: Dogecoin (DOGE) Defies The Bear,
Outperforms Bitcoin And Ethereum, Lingering Trend? Floki Inu
(FLOKI) Price Analysis On The Weekly Chart. Despite struggling to
break above $0.000015 in recent weeks, the price was rejected and
has remained range-bound as it prepares to trend higher to the
$0.00002 region. FLOKI’s price found weekly support at $0.0000060
after falling by more than 70% in the previous few months due to
the current market not allowing FLOKI to trend. There is no doubt
that the price of FLOKI will surge when the market recovers from
its current bearish state. FLOKI maintains range with little or no
volume in order to break free from this structure. FLOKI’s price
recently rallied to a region of $0.000015 after retesting a weekly
low of $0.00000600 but was rejected in an attempt to break higher
for the price to trend. FLOKI has been trading in a range for some
time now and could be poised for a significant rally. Weekly
resistance for the price of FLOKI – $0.000015. Weekly support for
the price of FLOKI – $0.00000600. Price Analysis Of FLOKI On The
Daily (1D) Chart On the daily timeframe, the price of FLOKI
continues to struggle as the price aims to rally to a high of
$0.00002 after a successful breakout from a downtrend channel that
its price formed. FLOKI is currently trading at $0.0000077,
just below the 8-day and 20-day Exponential Moving Averages (EMA).
On the daily timeframe, the price at $0.00000773 corresponds to the
price at the 8 and 20-day EMA for FLOKI. FLOKI’s price must reclaim
the $0.000008 region with high volume in order for the price of
FLOKI to rise to the $0.00002 region. According to the current
market structure, price action, and indicators, FLOKI will soon
break out of the daily downtrend channel, with a possible rally to
$0.00002. Daily resistance for the FLOKI price – $0.00002. Daily
support for the FLOKI price – $0.000007. Related Reading: Brace For
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Decline Featured Image From Zipmex, Charts From Tradingview
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