Source : coingape.com
Floki Inu price is trading at the $0.0001655 with a bearish bias amid immense pressure from the upper boundary of the descending channel and 100-period simple moving average (SMA) around $0.0001750. FLOKI bulls are struggling to break out of the descending channel but face stiff resistance upwards.
Floki Inu Price Could Rise To $0.0002350
Floki Inu (FLOKI) is on the path to recovery after successfully bouncing off the $0.0001227 embraced by the middle boundary of the falling parallel channel. This bounce back took FLOKI price to a high of $0.0001760 before being rejected by the 100 SMA at around $0.0001750.
This was a 45% rise that saw Floki Inu price flip the 50 SMA from resistance to support. At the time of writing, FLOKI is fighting immense resistance from the upper boundary of the descending channel at $0.000169 and the 10 SMA at $0.0001750.
A bullish break out above this level could see Floki Inu price rise to retest the resistance from the 200 SMA currently at $0.0002171.
If FLOKI bulls overcome the resistance from the said level, the meme coin could rise to tag the November 19 range high around $0.0002350 representing a 44% upswing from the current price.
FLOKI/USDT Four-Hour Chart
Note that the Moving Average Convergence Divergence (MACD) indicator is upward moving and has just crossed the zero line into the positive region accentuating the upward outlook.
Looking Over The Fence
Note that the Relative Strength Index (RSI) is showing a negative divergence is it turns downwards away from the overbought region. This means that the bears have not given up on pulling Floki Inu price down.
Hence, failure to hold above the 50 SMA will trigger immense sell orders that would see FLOKI fall to tag the middle boundary of the governing chart pattern at the $0.00010 psychological level.
A drop further may see Floki Inu drop to tag the $0.000050 psychological level or towards the target of the descending parallel channel at $0.000037.