01 December 2021 08:53, UTC
Reading time: ~ 2 m
Floki Inu is currently trading at $ 0.0001702 with a daily gain of 17.7%. FLOKI bulls managed to break out of the downtrend channel and break through the resistance level.
Floki Inu (FLOKI) is on track to recover from a successful rebound from the $ 0.0001227 level, covered by the middle border of the falling parallel channel. This retracement resulted in the FLOKI price peaking at $ 0.0001760 before being rejected by the 100 SMA at $ 0.0001750.
This spurt marked a 45% rally, with the Floki Inu price transforming the 50 SMA from resistance to support. A break of the $ 0.000169 level could help Floki Inu retest the 200 SMA resistance, which is currently $ 0.0002171.
If the FLOKI bulls overcome the resistance at the indicated level, the meme coin could rise to the high of the November 19 range around $ 0.0002350.
Note that the Moving Average Convergence Divergence (MACD) indicator is moving upward and has already crossed the zero line in the positive area, underlining the forecast for an ascent.
The Relative Strength Index (RSI) shows negative divergence as it turns down from the overbought area. This means that the bears have not abandoned plans to reduce the price of Floki Inu.
Thus, failure to hold above the 50 SMA will trigger huge sell orders, causing FLOKI to go down.
Large-scale and effective advertising of Floki Inu, including on the super-high skyscraper Burj Khalifa in Dubai, still allows us to bet on continued growth.
#FLOKI #prepares #grow