FLOKI Price Prediction: FLOKI Surges Above a Bullish Channel, but Does It Have the Support Needed to Keep Rising in the Next 24H?
The #FLOKI price surged to above a medium-term positive price channel over the past 24 hours. It then attempted to overcome the resistance level at $0.00013075, but was unable to establish a position above this threshold.
Should the #memecoin not close a 4-hour candle above this major resistance within the next 24 hours, then it may be at risk of correcting in the coming couple of days. This may lead to the crypto dropping to the $0.00009650 support. Continued sell pressure at this point may then drag the $FLOKI price down to within the buy zone between $0.00005180 and $0.00006245 in the next few days.
On the other hand, FLOKI closing a 4-hour candle above $0.00013075 resistance level in the next 24 hours may invalidate this bearish thesis. In this alternative scenario, the meme coin may continue climbing in the short term.
The Relative Strength Index (RSI) on FLOKI’s 4-hour chart suggests the crypto may undergo a correction soon. Currently, the RSI is falling towards its Simple Moving Average (SMA) line. This is generally seen as a sign that buyers are losing their strength against sellers. An intersection between these two lines could be an early sign of the positive trend entering into a bearish period.
Nevertheless, the Moving Average Convergence Divergence (MACD) on the 4-hour chart is still flagging bullish. The MACD line is currently breaking away above the MACD Signal line. This suggests that FLOKI’s positive trend shows no signs of slowing down.
Despite this, the RSI demands attention as a decrease in bullish power may lead to the MACD leveling off, signaling that the positive trend has reached a peak. Traders will want to keep an eye on the RSI and SMA lines, as the RSI crossing below the SMA line is a major bearish technical flag.
