Why Trading FLOKI Doesn't Make Sense (Right Now) 🚨
Similar to many other coins, Floki had been hit hard by the latest sell-off, recovered nicely, but lost steam in the end.
As a result, Floki found itself in an indecisive position. Accordingly, opening a trade position is way too risky at this time. Let me explain:
1️⃣ Bearish Trend: Floki trades below the EMA200, 100, and 25 — in other words, Floki trades in a considerable downtrend. Since the trend is your friend, a long position doesn't make sense.
2️⃣ PSAR Turned Bearish: On top of that, the PSAR turned bearish again just a couple of hours ago, indicating more downturn pressure. Once again, a long position does not make sense in this case.
➡️ On the other side, Floki trades very close to a crucial support line at 0.00011. If the market doesn't go crazy, we can expect this level to hold. However, this also means that shorting doesn't make sense at this level.
Ergo: There is no clear indication for a long and no clear setup for a short. We keep watching and monitoring but do not touch the trade button.
