📈 FLOKI Price Could Face Correction After Hitting All-Time High
Floki’s recent surge to an all-time high has certainly turned heads, riding a strong upward trend. Much credit for this momentum goes to Bitcoin’s own recovery journey from its $56,000 price level, inching closer to its record high of $73,000.
Floki, known for its wild swings and meme status, has been in the spotlight.
🔸 More Upside for Floki?
The market capitalization is hovering around $3.1 billion. Given its significance as an important psychological threshold, the next resistance zone could potentially be at $4 billion.
Interestingly, amidst this surge, the price has found considerable support at key exponential moving averages, particularly in the 1-hour and 4-hour timeframes. This underscores the resilience of Floki’s upward trajectory.
During the uptrend, the EMA 50 and 100 played crucial roles as support levels. These levels play a crucial role as support and resistance points.
The volume profile highlights significant support and resistance ranges, with the 4-hour profile currently indicating a weak resistance zone at current prices. A potential correction might bring the price back to around $0.00028 before resuming its upward trend towards new all-time highs.
Observing the volume profile, it becomes evident that our present prices are associated with a notably weak resistance zone. This suggests the market has struggled to maintain higher prices in this area, indicating a potential barrier to upward movement.
Considering this, it’s reasonable to anticipate a corrective movement in the price. A likely target for this correction could be around the $0.00028 level. This would allow the market to readjust before potentially resuming its upward trajectory.
It’s important to note that corrections are a natural part of market movements and often serve to establish healthier price dynamics. Therefore, a pullback to the $0.00028 level shouldn’t necessarily be interpreted as a negative development.
