#FLOKI/USDT Technical Analysis: Testing Key level
4-Hour Chart:
RSI: The Relative Strength Index (RSI) is currently at 50.88, which indicates that the asset is in a balanced state. This suggests that the market could move in either direction
MACD: The Moving Average Convergence Divergence (MACD) shows a slightly positive reading, with the MACD line at 0.00000078 and the signal line at 0.00000025. The positive crossover suggests that there may be a slight bullish momentum, but the strength is not significant.
Daily Chart:
RSI: On the daily chart, the RSI is lower at 38.66, indicating that FLOKI is nearing the oversold territory. This could suggest that the asset might be undervalued, and there is potential for a rebound if buying interest picks up.MACD: The MACD on the daily chart is bearish, with the MACD line at -0.00000360 and the signal line at -0.00001403. This indicates that bearish momentum is still present.
Bullish Scenario:
FLOKI could potentially rebound if it manages to hold above its current support level of 0.00001275 on the 4-hour chart and the RSI starts to climb from its current level. A sustained move above this support, combined with a positive MACD crossover, could lead to a rally towards the resistance levels of 0.00001635 and possibly higher. On the daily chart, a break above the resistance at 0.00001500 could confirm a bullish reversal.
Bearish Scenario:
If FLOKI fails to hold above the support level of 0.00001275, it could retest the next support at 0.00001092. The bearish MACD on the daily chart suggests that the downtrend could continue, and a break below 0.00001092 might open the door for further declines.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are highly speculative, and market conditions can change rapidly. Please do your own research
