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The FLOKI price went ballistic over the past 24 hours with a more than 79% surge to trade at $0.0002386 at press time.
FLOKI Price Attempts To Break Resistance
4-hour chart for FLOKI/USDT (Source: TradingView)
The FLOKI price has exhibited a noteworthy bullish trend in the last two days, as observed in the 4-hour chart analysis.
The 9 Exponential Moving Average (EMA) and 20 EMA indicators further strengthen the bullish sentiment. The 9 EMA values have progressively increased, while the 20 EMA has risen as well, both confirming a strong bullish trend as they consistently remain below the closing prices, indicating strong buying pressure.
The Moving Average Convergence Divergence (MACD) provides additional insight into the market’s momentum. Starting from a slight bearish divergence, the MACD values shifted from a negative to a positive histogram, indicating a change in momentum from bearish to bullish. The latest readings show an increasing distance between the MACD line and its signal line, with the histogram widening, suggesting that the bullish trend is gaining strength.
Valhalla | Official trailer #1 pic.twitter.com/qDCsGXSi6Y — FLOKI (@RealFlokiInu) February 15, 2024
The Relative Strength Index (RSI) has also been on the rise. This indicates a very strong buying interest, although traders should be cautious as values above 70 can sometimes signal a potential reversal or price correction due to overbuying.
Technicals Are Flagging Extremely Bullish
The technical indicators are overwhelmingly bullish for the FLOKI price. The market’s next resistance levels to watch are at $0.00021686 and potentially higher. Should the bullish momentum continue, these levels could be tested soon. On the downside, support levels are established at $0.00012465 and $0.00010274. These levels might serve as crucial zones for buyers to step in should any pullback occur.
FLOKI HITS ECOSYSTEM TVL OF $658M—ANOTHER ALL-TIME HIGH#Floki has just surpassed a record TVL of $658M across two of its key ecosystem products: – Floki Staking: $517.6M – FlokiFi Locker: $141M This TVL exceeds the combined TVL of other top memecoins such as $PEPE, $WIF,… pic.twitter.com/vPXxMD3h05 — FLOKI (@RealFlokiInu) March 8, 2024
Given the current market conditions, potential entry points for long positions could be around the 9 EMA or 20 EMA on slight pullbacks, utilizing the support levels as areas of interest for stop-loss orders. For those considering short trades, caution is advised given the strong bullish trend; however, watching for potential reversal signals near resistance levels or overbought RSI conditions could provide strategic entry points.
In conclusion, FLOKI’s 4-hour chart analysis reveals a strong bullish trend, supported by rising EMAs, MACD, RSI, and trading volumes. While the market appears favorable for long positions, traders should remain vigilant for any signs of reversal, particularly given the RSI’s venture into overbought territory.
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. Ecoinomist 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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