Will FLOKI price usher in a new round of rebound?
Recently, FLOKI has stood out with its outstanding performance and has become the most eye-catching large-cap Dogecoin in the past week. This meme coin inspired by Musk's beloved dog, Shiba Inu, and the upcoming trading robot are gradually attracting the market's attention.
It is worth noting that despite the overall market volatility, Floki's price fluctuations in the past week have been relatively stable. Except for DOGE and SHIB, which fell slightly by 2% and 1% respectively, most of the above-mentioned currencies have suffered a drop of more than 6% this week. From the seven-day performance, Floki even surpassed BTC, which, as the market leader, also recorded 2.859,441 this week.
The price of FLOKI is fluctuating in a narrow range between support and resistance levels. These key price levels are like two lines of defense, limiting its short-term trend. Since hitting an all-time high of 0.0003449 in early June, the price of Floki has fallen by 64% cumulatively, showing the severe challenges of the market.
Especially after the market crash on August 5, Floki seemed to be struggling when trying to break through the key resistance level of $0.000125. Nevertheless, for investors who are looking for a price reversal, Floki's relative strength index RSI is currently at a low of 49 and still falling, which may indicate that the currency can maintain its relatively solid performance during the weekend.
However, looking at the overall situation, the current market environment is complicated, with constant war news, the Federal Reserve's more conservative fiscal policy, and the approaching election season.
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