Floki Price Analysis: FLOKI Price Declines 5.21% Amid Bearish Pressure

Floki Price Analysis: FLOKI Price Declines 5.21% Amid Bearish Pressure

Floki's (FLOKI) price has been in a bearish trend after failing to break the intra-day high of $0.0002846. Due to this, bearish momentum seized market control, and bullish recovery attempts was nullified at the lower high of $0.000281

Floki's (FLOKI) price has been in a bearish trend after failing to break the intra-day high of $0.0002846. Due to this, bearish momentum seized market control, and bullish recovery attempts was nullified at the lower high of $0.000281.

During this correction, the FLOKI market capitalization declined by 5.80% to $2,529,505,111, while the 24-hour trading volume surged by 22% to $675,768,971.

If the price breaches the intra-day low of $0.0002584, the next support levels to watch for are around $0.00025 and $0.00024, respectively. Subsequently, a bullish reversal may test the resistance levels at $0.00027 and $0.00028.However, with the Open interest down by 17%, money flows out of the FLOKI options market, indicating that traders are cautiously approaching this market dip.

On the FLOKI price chart, the Keltner Channel bands are moving linearly, with the upper band at $0.00028577, middle band at $0.00026353 and lower bands at $0.00024128 respectively. This trend reflects decreased volatility, with the upper and lower bands acting as potential resistance and support levels. However, the bearish pressure increases with the price action, which develops red candlesticks while moving toward the middle band. A move toward the lower band may be anticipated if this trend persists.

 FLOKI/USD 24-hour price chart (source: TradingView)

Adding to the bearish action, the Relative Strength Index (RSI) is moving south with a rating of 52.30. This RSI move suggests that bearish momentum is strengthening, but the bulls have a chance at reversal since it is still above the signal line.

The negative trend will be confirmed if the RSI falls below the signal line and moves toward the oversold region of 30. Consequently, traders may need to set a stop loss to prevent further loss if the trend advances.

Confirming the bearish trend, the Chaikin Money Flow (CMF) is in the negative region, implying that money is flowing out of the FLOKI market as traders brace for continued selling pressure. If the CMF changes trend, a bullish reversal may be anticipated since it signals an increasing buying pressure.

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