From a technical perspective, the overall trend of FLOKI/USD is bearish. Moreover, the token is struggling to find sufficient support from the 0.5 Fibonacci Level, which could result in a downfall for the FLOKI token.
Key technical points:
- The FLOKI token forms a head and shoulder pattern in the 4hr time frame chart
- The daily chart RSI shows a strong bearish divergence in its chart.
- The intraday trading volume in the FLOKI token is $58 Million, indicating a 20% fall.
Source- FLOKI/USD chart by Tradingview
On November 4th FLOKI token rally experienced intense selling pressure from the $0.0004 mark, which initiated a retracement phase in its technical chart. The token price plunged to the 0.5 Fibonacci retracement level and is trying to obtain sufficient support from this level.
However, The Relative Strength Index (56) shows a steady downtrend in its chart, indicating the increasing strength of the market sellers.
FLOKI/USD Chart In The 4-hour Time Frame
Source- FLOKI/USD chart by Tradingview
The FLOKI token revealed a head and shoulder pattern in this lower time frame chart, providing a great short opportunity for crypto traders. The neckline for this pattern is at the $0.00022 mark, and the price is currently hovering just above this level.
The MACD indicator states a bearish momentum for this token, as both the MACD and the signal lines are steadily moving below the neutral zone.
The 4-hour chart also shows the 50 and 20 EMAs giving bearish crossovers, while the 100 EMA could help the price hold above its neckline. If it gains enough bearish momentum, the price could fall to the $10700 or $0.00018000 support levels.
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