The Floki Inu(FLOKI) price bounced from the $0.00003 monthly support, registering a 50% gain in just three trading sessions. This price jump was bolstered by some fundamental perks like $FLOKI getting listed on Huobi Global exchange and the recent launch of the Valhalla Battle Arena prototype, indicating Floki’s utility and adoption are improving.
Key technical points:
- The FLOKI traders accepting $0.000042 level as new flipped support
- The intraday trading volume in the Floki Inu token is $15.2 Million, indicating a 104.39% gain.
Source- Tradingview
On February 24th, FLOKI/USDT chart showed a long-tail rejection candle at the $0.00003 support, denoting it as a high accumulation zone for traders. The recovery of buying pressure drove the altcoin 50% high, hitting the $0.000043 level.
However, amidst the FLOKI London-ad campaign getting banned by UK’s ASA, calling it “irresponsible”, the FLOKI buyers are struggling to overcome a combined resistance of the 50-day MA and $0.000043 horizontal level.
The recent price jump has surged the RSI slope above the neutral zone, maintaining a bullish sentiment.
Retest To Breached Resistance Bring Bullish Opportunity
Source- Tradingview
The 4-hour time frame chart provides a candle closing above the $0.000042 resistance. The FLOKI price is currently stuck in a retest phase, and the lower price rejection at this level suggests that resistance has turned imto support.
If traders could sustain above this level, the buyers would surge the altcoin 40% high to the next supply zone $0.00006.
Contrary to the bullish thesis, if sellers pull the FLOKI price below the $0.000042 mark. The resulting fakeout could spike the selling pressure and sink the memecoin to $0.000036, followed by $0.00003.
- Resistance levels- $0.000036 and $0.000048
- Support levels-$0.000042 and $0.000036
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