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The Floki price dropped more than 3% in the past 24 hours to trade at $0.0002267 at press time.
The Floki Price Enters a Volatile Period
4-hour chart for FLOKI/USDT (Source: TradingView)
Over the last 48 hours, the Floki price has shown some interesting movements on the 4-hour chart, capturing the attention of cryptocurrency traders and analysts alike.
The closing prices for FLOKI in recent sessions have ranged from a high of $0.00024252 to a low of $0.00022453, indicating a volatile market environment. Despite these fluctuations, certain technical indicators provide insights into the crypto’s potential direction.
The 9 EMA (Exponential Moving Average) and the 20 EMA have shown a converging trend, with the former moving from $0.000229775 to $0.000229453 and the latter from $0.000223969 to $0.000225933. This convergence suggests a potential shift in momentum, as the shorter-term 9 EMA crosses above the longer-term 20 EMA, hinting at a bullish sentiment in the near term.
🌐 @RealFlokiInu's 2024 roadmap is out! Key highlights: – Regulated digital banking accounts with SWIFT & SEPA IBAN, teaming up with a licensed fintech firm. – Floki Debit Card launch for using $FLOKI tokens in traditional currencies. – Venus DeFi protocol integration &… pic.twitter.com/UZAIyG2R1g — Satoshi Club (@esatoshiclub) March 23, 2024
The MACD (Moving Average Convergence Divergence) indicator further supports this bullish outlook. It has risen, while the histogram values moving from positive to slightly negative in the latest reading, indicating a possible deceleration in the bullish momentum but still within an overall upward trend.
Moreover, the RSI (Relative Strength Index) readings have oscillated around the 50 to 60 range, with a peak at 60.13, suggesting that while the Floki price is gaining strength, it has not yet reached overbought territory, providing room for potential upside movements.
Key Levels to Watch
Considering the technical analysis, FLOKI seems to be gearing up for a test of the immediate resistance level at $0.00023001. Should the bullish indicators hold true, the next targets could be the resistance levels at $0.00024714 and potentially $0.00026748, should the momentum persist.
Top #Memecoins by Market Cap | Coin #4@RealFlokiInu ($FLOKI) Year founded: 2021 Named after Elon Musk’s dog Floki, Floki aims to combine memes with utilities like NFTs, games and marketplace pic.twitter.com/xjyyMK4gkj — Crypto.com (@cryptocom) March 23, 2024
On the downside, the support levels to watch are at $0.00022134, followed by $0.00021402 and $0.00020724. A break below these levels could signal a shift to bearish momentum, providing opportunities for short positions.
For traders looking to capitalize on the potential upward trajectory, entry points just above the 9 EMA with tight stop-loss orders below the $0.00022134 support level could offer a balanced risk-reward. Conversely, should the price action turn bearish, initiating short positions with a break below the support levels, particularly $0.00022134, might be advantageous, targeting the subsequent support levels as exit points.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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