Will FLOKI Price Overcome Resistance for a Strong Rally?
The recent action of the $FLOKI price on the 4-hour chart indicates a robust bullish trend. Recent price movements suggest that traders are positioning themselves for a potential breakout.
The primary resistance levels to watch are at $0.00018326, $0.00018937, and $0.00019142. These levels are critical as they represent previous price peaks where selling pressure could re-emerge. Should the price manage to break above these resistances, we could see a strong upward movement, potentially targeting higher highs.
Conversely, the support levels at $0.0001694, $0.00016877, and $0.00016866 are crucial for maintaining the bullish momentum. A fall below these levels could indicate a reversal or a consolidation phase, where traders might see a correction before any further upward movement.
Technical indicators further affirm the bullish stance. Exponential Moving Averages (EMAs), with the 9 EMA currently rising from $0.00015822 to $0.00017405 and the 20 EMA rising from $0.00015194 to $0.00016296, are both trending upwards. This indicates a strong short-term and mid-term bullish trend, suggesting that the price is likely to continue its upward trajectory if it remains above these moving averages.
Moving Average Convergence Divergence (MACD) values show a bullish crossover, with the MACD line consistently staying above the signal line. The histogram values support this positive momentum, though they show a slight reduction in the bullish strength. This indicates a strong upward trend, albeit with caution for potential slowing momentum.
Relative Strength Index (RSI) values, peaking above 80 and then correcting to around 68, indicate that the #FLOKI price was in an overbought territory but has since cooled off slightly. This suggests that while there is strong buying interest, there could be room for a pullback or consolidation before the next leg up. #Memecoins #altcoins #MemeWatch2024
The full analysis and trade strategy were originally posted on www.ecoinimist.com.