Source : coingape.com
It is now clear that bears are determined to undo the gains made in the cryptocurrency market in “Uptober” after major cryptocurrencies lose crucial support levels. BTC price dropped to lows of around $42,600 on Saturday and altcoins bleeding immensely. FLOKI price has not been spared as the meme coin has dropped a massive 24% on the day after trading as low as $0.000146 earlier today.
FLOKI Price Turns Away From $0.000226 After Completing The V-Shaped Recovery
Floki Inu price is on sale after the meme coins drops 24% over the last 24 hours. The current correction triggered by the crypto market flash crash started during the New York midnight trading session is threatening to undo all the gains made during the V-shaped recovery started on November 28 as seen on the four-hour chart.
The Relative Strength Index (RSI) shows that FLOKI was overbought which is an indication that even though the current correction rides on the sentiment in the entire market, it was somehow expected, however, not as deep as it is now.
Also note the Moving Average Convergence Divergence (MACD) indicator has sent a sell Floki Inu signal on the same four-hour chart. This happened during the late New York trading session when the 12-period exponential moving average (EMA) – blue line , crossed below the 26 EMA suggest that the market had flipped bearish.
FLOKI/USDT Four-Hour Chart
Note that this correction has flipped the 200, 100 and 50 Simple Moving Averages (SMAs) from support to resistance. And for the current price at $0.000154, the path upwards appears challenging in the near-term.
This provides a good opportunity for Floki Inu investors who would want to get in on the deep with anticipation that the FLOKI price will experience an upswing when the current market turbulence weathers out.
All in all, market should wait and see how much deeper this market may sink. However, watch closely as these kinds of moves can very, very easily reverse and trigger a massive retracement.