MASSIVE ALERT ON $FLOKI 🚨 If This Support Fails 👇21.5% Gap ⚠️

FLOKI is experiencing a significant down trend over the last 10 days, losing almost 23% from R3 to S2. That's causing several concerns between investors. In fact, despite some positive metrics (BB and Selling Volumes), many others are suggesting a downtrend (e.g. MACD, weekly RSI). However, I see hope for a rebound if the current price holds the support S2 and doesn't drop below the EMA 50. Also, as you may noticed in the picture, the current price sits on the green border (bearish pennant pattern) and it's fundamental that it bounces out of there. Personally, according to this situation I will implement the following strategy:

Short Term Strategy: 🐻+🐂
I'll open a long position on S2 ranges (0.000183 - 0.000192) and watch out a potential bounce to R1 (R1 will be my take profit level). To mitigate losses, I'll set up a stop loss on 0.000174. In case the selling volume go against me, I'll automatically open a short position exactly on my stop loss (0.00017) and set a new one on 0.000192. For a bearish confirm out of the pennant pattern, I'll take profit on S1. Short position offers way more gains (21.5% vs 12%) but it's important to implement a strategy that hedge (protect) your position and thus mitigate any potential losses

NOTE 1)
Next following hours are critical, it's important to monitor them closely (15/30min/1hr time frame)
NOTE 2)
Support & Resistance have been drawn on a 4hrs time frame to be more precise

DYOR 🙏

#flokialert #TradingStrategies #memecoins2024