FLOKI has shown signs of recovery after breaking below its April lows. Crypto analyst CryptoJelleNL highlighted this development in a tweet, suggesting a potential rally if certain conditions are met.
CryptoJelleNL’s analysis points to a critical level for FLOKI’s price action. The analyst emphasized the importance of reclaiming the 0.00014 mark. This level could serve as a key indicator for the meme coin’s short-term trajectory.
“$FLOKI just took out the April lows, and is bouncing back!” CryptoJelleNL tweeted. He added, “Reclaim 0.00014 — and the deviation locks in, with a target of range highs.” This observation suggests a possible false breakout scenario.
$FLOKI just took out the April lows, and is bouncing back!Reclaim 0.00014 — and the deviation locks in, with a target of range highs.Needs the market to behave, but this could get interesting really quickly pic.twitter.com/RL8C2jqQWj
— Jelle (@CryptoJelleNL) August 5, 2024
FLOKI’s Price Movement and Key Levels
The recent price movement of FLOKI has been volatile. From March to April, the meme coin’s price surged then dipped sharply. The following months saw a series of lower highs and lower lows, indicating a downward trend.
A closer look at the chart reveals key support and resistance levels. The support around 0.0001250 has played a crucial role in FLOKI’s price action. This level, which acted as support in April, is currently being tested again.
The resistance level sits at approximately 0.00031, representing the range high. CryptoJelleNL’s analysis suggests this could be the target if FLOKI successfully reclaims the 0.00014 level. However, the analyst cautions that market conditions will play a key role.
“Needs the market to behave, but this could get interesting really quickly,” CryptoJelleNL noted in his tweet. This statement potrays the importance of overall market sentiment in determining FLOKI’s price direction.
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Technical Analysis and Chart Patterns
The chart analysis also reveals interesting patterns. A descending trendline can be drawn from the highs in March/April to the lower highs in May. Additionally, a grey shaded area on the chart indicates a significant horizontal support/resistance zone.
The recent price action shows FLOKI breaking below the April lows. However, the subsequent bounce has interested analysts like CryptoJelleNL. This rebound could potentially signal a trend reversal if certain conditions are met.
Reclaiming the 0.00014 price point could confirm that the recent dip below support was indeed a deviation or false breakout. Such a scenario could set the stage for a move towards the range highs.
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The post FLOKI Meme Coin Rebounds After Breaking April Lows: Analyst Predicts Potential Rally appeared first on CaptainAltcoin.
