🚨🚨$FLOKI BUY or SELL? Detailed Analysis 👇
(Sell for short term and Buy for long term)
Based on the Fibonacci retracement levels and moving averages (MA) displayed in the chart for FLOKI on a 1-day timeframe, here is an analysis:
Long-Term Perspective:
Support and Resistance: The price is hovering around the 0.236 Fibonacci retracement level ($0.00017843), which serves as immediate support. Stronger support lies at $0.00014570, the 0% Fibonacci level. Resistance is visible at $0.00021505 (0.5 Fibonacci level) and $0.00025472 (0.786 Fibonacci level).
Moving Averages: The MA(7) is below the MA(25), indicating bearish momentum. This could signal further downside unless a reversal occurs. However, the price is close to the MA(99), a key level that may provide long-term support.
Recommendation:
For long-term investors, it is advisable to wait for confirmation of reversal patterns or price stabilization above $0.00017843. If the price drops to $0.00014570 and holds, it could be a good entry point for accumulating.
Short-Term Perspective:
Trend and Momentum: The recent bearish candles suggest short-term selling pressure. However, there is a consolidation zone near the 0.236 Fibonacci level, indicating potential for a bounce.
Volume: Low trading volume on the bounce suggests weak buying interest. Watch for a spike in volume before considering entry.
Recommendation:
Short-term traders could sell on resistance near $0.00021505 while placing stop-loss orders above the 0.618 level ($0.00023122). For a potential rebound, aggressive traders can buy near $0.00017062 with a tight stop-loss at $0.00016500.
Conclusion:
Long-Term: Monitor the $0.00014570 level for a stronger buying opportunity. Avoid impulsive entries at current levels.
Short-Term: Trade cautiously with tight risk management due to ongoing bearish momentum. Look for clear signs of a breakout or reversal for better opportunities.
Keep an eye on market sentiment, news, and overall crypto market conditions for additional insights.