The correction phase in the FLOKI token dropped harder than what was expected by their investors. With this pullback, the price plunged to the weak but valid support of 0.786 FIB level. As for now, the price has shown an impressive recovery from this level and currently retest the $0.000213 resistance. Great news for the FLOKI fans is that today at 4:40 PM UTC, FLOKI will have a massive display on the Burj Khalifa;
Key technical points:
- The FLOKI price bounced from the 0.786 FIB level
- The FLOKI daily RSI line jumps above the neutral zone
- The intraday trading volume in the FLOKI token is $46.4 Million, indicating a 4.5% loss.
Source- FLOKI/USD chart by Tradingview
The FLOKI token investors had a roller coaster ride in these last two months, where the November month almost engulfed all the gains the token made in October. This extended correction phase plunged the token price to 0.786 Fibonacci level, where the token finally obtained a decent buying pressure to initiate a recovery phase.
As per the crucial EMAs(20, 50, 100), the token price trading above these EMA lines maintains a bullish trend in the 12-hr time frame chart. Moreover, the Relative Strength Index(63) support the new rally with a similar hike in its value.
FLOKI/USD 4-hour Time Frame Chart
Source- FLOKI/USD chart by Tradingview
After bouncing from the bottom support 0.786 FIB, the FLOKI token displayed an impressive V-shaped recovery in its chart, gaining 80% from the last week. As for now, the price is wavering at a crucial resistance level of $0.22, aiming for a bullish breakout.
If the price manages to provide a proper breakout from this resistance, the crypto trader can grab an excellent opportunity for the $0.00028 mark. However, these traders still need to follow their risk management strategy if they are opening a new long position.
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