Popular memecoin Floki Inu (FLOKI) has shown significant market volatility, aligning with the general bearish sentiment pervading the broader cryptocurrency market. Today, FLOKI has seen its value decrease by more than 10%, breaking past crucial support levels. This price movement occurs in a context of heightened anticipation surrounding key US economic indicators, namely the Consumer Price Index and forthcoming Federal Reserve decisions on interest rates.
Currently, the trading price of FLOKI is approximately $0.0002397, which is still in a continuous decline on the chart of the day. The token has fallen below the support level of $0.000258, towards the lower end of the rising trend line that has been identified and may serve as the next support level. The trading volume has declined, coupled with a sharp decline in the market capitalization, which indicates a decline in trader interest
The current price movement on the Floki chart shows a downward trend towards a support level, which is between $0. 000221 and $0. 000211. These levels are important as they have in the past served as support, suggesting that the current price levels may be buy zones for traders.
On the 4-hour chart, Floki is located below the middle line of the Bollinger Bands, which indicates a bearish trend in the short term. The Commodity Channel Index (CCI) is currently at -61.70, this means that Floki is in an oversold zone which may trigger a buying frenzy if it goes lower to stronger support levels
Furthermore, the rest of the cryptocurrency market is preparing for fluctuations with the release of the U.S. Consumer Price Index (CPI) and the Federal Reserve’s decision on interest rates. Such occurrences could affect the investors’ actions, which may further contribute to the bearish trends that have been witnessed in Floki’s market activities
The short-term attention for traders will be on whether Floki will be able to sustain above the key support levels or if it will break through to new lows. Maintaining above the $0. 000221 mark could give a temporary reprieve and bring stability to the price, but a drop below this level could lead to additional losses, which will put the $0. 000211 support. This zone is important for Floki to hold to prevent further selling as the market is already jittery.
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