Floki Inu (FLOKI) Outlook Turns Bearish After Breakdown to Five-Month Low

Floki's outlook has turned more bearish due to the recent price breakdown to a five-month low. It bounced briefly off the low and is now showing

Floki (FLOKI) price encountered a crucial support after a five-month low, which sparked a 10% recovery in the past 24 hours. However, a bearish interception could lead to a sell-off in the $0.00004 range.

Floki Price Analysis

Floki went through a short retracement last month after being rejected from a crucial $0.00013 support area. This brought an impressive gain, which was later halted by a bearish interception at $0.00021.

As a result, the price dropped and fell to a low of slightly under $0.000096 on Monday, putting the market in a bearish condition. Fortunately, it managed to recover from the bottom price level, regaining half of the daily loss.

Currently, Floki is testing the crucial support area as resistance. The latest increase appears to be a pullback from the recent breakdown.

As can be seen on the daily chart, it faced a rejection in the past hour. Despite this, the price has remained strong on the daily chart. If trading volatility increases, we can expect further recoveries.

However, if the bears intercept the latest move like we saw in late July, Floki could quickly resume the sell-off. The price level to watch for such a drop would be in the $0.00004 range.

Floki Key Levels to Watch

The closest obstacle level for Floki in the latest bounce is the $0.000156 resistance, followed by $0.0000177 and $0.00021 (July’s high). A break above this high could facilitate bigger recoveries in the future.

On the downside, the $0.000096 level is currently supporting the market. If it collapses, the lower supports to watch for sell-offs are $0.0000625 and $0.00004.

Key Resistance Levels: $0.000156, $0.000177, $0.00021

Key Support Levels: $0.000096, $0.0000625, $0.00004

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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