FLOKI Confirms 'Double Top' Formation: Is Now a Good Time to Buy?

Tap the avatar to watch live and understand the bull market!!!

Floki [FLOKI] has recovered from the bear market trend, rising 9% in the last 24 hours, with a trading price of $0.000188 at the time of writing. These gains reflect a broader market recovery, with the total cryptocurrency market cap increasing by 3.6%, surpassing $3.4 trillion.

Despite the rise, FLOKI is still down 21% over the past seven days. The daily chart shows that while short-term momentum appears bullish, the long-term trend remains bearish.

Analyzing FLOKI's Double Top Formation

Earlier this week, FLOKI confirmed a double top formation after breaking below the neckline at $0.000207. However, following a recent increase, this bearish trend has weakened.

If FLOKI continues to rise, it may retest the neckline from below. If the breakout fails, the downward trend may resume, leading to a drop to $0.000124.

Conversely, if the memecoin successfully breaks through the resistance at the neckline and continues to rise, it could overturn the bearish argument, resulting in further gains.

In addition to the key resistance level at the neckline, traders should also pay attention to the support level of the 200-day Simple Moving Average (SMA) at $0.000166.

Since mid-November, FLOKI has been trading above the 200-day SMA. Based on past trends, this level tends to be a strong resistance point. If FLOKI falls below $0.000166, it could trigger negative market sentiment.

Tap the avatar to watch live and understand the bull market!!!