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The Floki price surged over 11% in the last 24 hours to trade at $0.0002555 at press time.
The Floki Price Challenging Resistance
4-hour chart for FLOKI/USDT (Source: TradingView)
Over the past 48 hours, the Floki price has exhibited a series of intriguing movements, demonstrating a bullish sentiment that has captivated the attention of cryptocurrency enthusiasts and investors alike. Analyzing the 4-hour chart, we observe a noticeable uptrend, with closing prices incrementally ascending from $0.00022511 to a peak of $0.00025022, before encountering resistance.
A closer inspection of the exponential moving averages (EMAs) reveals a nuanced picture. The 9 EMA progression, from $0.00023197 to $0.00023616, closely shadows the price action, suggesting an underlying bullish momentum. However, the 20 EMA tells a slightly different story, indicating a broader perspective of market equilibrium. Starting at $0.00023428 and slightly ascending to $0.00023534, the 20 EMA positions itself above the early trading sessions but eventually converges beneath the latest price, highlighting a potential consolidation phase or a prelude to further upside movements.
The Moving Average Convergence Divergence (MACD) indicator further enriches our analysis. Initially signaling a bearish divergence with a histogram value dipping to -2, the MACD has since made a bullish crossover, evident in the most recent histogram value. This shift suggests that the momentum may be swinging back in favor of the bulls, offering potential entry points for optimistic traders.
The Relative Strength Index (RSI) has also painted a picture of increasing strength, moving from a tepid 43.22 to a more robust 60.00. This progression indicates growing buying pressure, potentially setting the stage for FLOKI to challenge its immediate resistance levels.
Key Levels to Watch
Speaking of which, the current resistance and support levels are pivotal for potential movements. The immediate resistance level at $0.00025467 poses the first test for the pair’s bullish momentum. A decisive break above could open the path towards the higher resistance levels at $0.00026748 and $0.00028039, respectively. On the flip side, should the memecoin face a rejection or bearish pressure, the support levels at $0.00024816, $0.00022864, and $0.00022453 stand ready to cushion any downward movements.
For traders eyeing entry and exit points, a break above $0.00025467 with substantial volume could serve as a compelling entry point for long positions, targeting the next resistance levels as potential exit points or profit targets. Conversely, a break below the support level at $0.00024816 might offer short-sellers an opportunity, with $0.00022864 and $0.00022453 as subsequent targets to consider for closing positions.
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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