Floki Inu price is exchanging hands at $0.000149, 25.62% higher than Monday’s intra-day low around $0.00011870. The FLOKI bulls have been focused on undoing losses that gripped the entire market last week and extended during the flash crash that had the entire crypto market in the red over the weekend.
Floki Inu Price To Reclaim The Crucial $0.000220 Support
FLOKI/USDT price appears to have formed a double-bottom pattern on the four-hour chart after the sell-off was halted at $0.00011870. This level is embraced by the November 28 intra-day low confirming the formation of a double-bottom chart patter. This is an exceptionally bullish chart pattern that often results in a trend reversal.
Note that this pattern forms when an asset tests a support level twice without breaking below it. The two bottoms are usually separated by a moderate peak as shown on the FLOKI/USDT four-hour chart.
A breakout from this technical pattern will be confirmed when the Floki Inu price jumps over the resistance level equal to the peak at $0.000226. If FLOKI reaches this level, it would have surged approximately 51.83% from the current price rising above the all-important $0.000220 psychological level.
FLOKI/USDT Four-Hour Chart
This bullish narrative is reinforced by the Moving Average Convergence Divergence (MACD) that has sent a buy FLOKI signal on the four-hour chart. This occurred during the late New York trading sessions when the MACD line (blue) crossed over the signal line. The uptrend will gain more momentum once the MACD crosses the neutral line into the positive region.
Note that a daily closure above the immediate barrier at $0.000470 is crucial to sustaining the anticipated upward breakout.
Can FLOKI’s Upward Breakout Be Invalidated?
It is worth noting that the uptrend will be invalidated if the RSI retraces back towards the oversold zone. Closing the day under the $0.000145 support level will also curtail the recovery efforts and trigger another sell-off, resulting in another correction towards the November 28 low at $0.00011870.