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FLOKI's Price Declines 7%
Monday saw a decline in the price of Floki Inu (FLOKI) as investors were cautious after the weekend's crypto market excitement and piled on the intriguing new GambleFi coin, Mega Dice
As of recent trade, FLOKI was trading just south of $0.00017, a 7% daily decline.
At its 50-day moving average (DMA), the meme currency has encountered firm resistance again, indicating that the bulls have not yet regained control.
However, a closer glance at the charts reveals promising conditions for a possible upward surge in the near future.
Floki Won't Drop to Zero Any Day Now, According to Favorable Chart Analysis
The downward trend in the Floki price from its March highs was broken in late April.
A highly positive indicator is that it found firm support in the last downturn at the beginning of May.
Also, it seems that the Floki price has spent the last few weeks creating an ascending triangle. This pattern usually comes before bullish breakouts.
If FLOKI manages to break out above $0.00020 shortly, we may see a return to the March highs over $0.00030 in no time.
After breaking over this level of resistance, the Floki price may shortly test its previous highs.
If the Floki price can overcome this resistance region, it may shortly test the recent highs. According to TradingView
Floki isn't going down soon, according to bullish short-term technicals and long-term tailwinds like its solid community.
Still, investing in FLOKI is a very risky move. There may be opportunity for growth, but with a market valuation of $1.7 billion, it will be challenging to achieve any increases.
Floki and similar meme currencies may be easily dumped when pessimism sets in since they don't have any clear practical use.
