02 December 2021 08:30, UTC
Reading time: ~ 2 m
Floki Inu is up 15% to date and is trading in positive territory after three consecutive bullish sessions between November 28 and December 2. On the daily timeframe, traders are doing well, but on shorter timeframes, they should be careful as FLOKI threatens to fall further.
However, if FLOKI holds above the 200-period simple moving average (SMA), the token could make an impressive return to the $ 0.0002050 level.
Floki Inu (FLOKI) is currently trading at $ 0.0001896 above the 200-period Simple Moving Average (SMA) at $ 0.0001743.
Protecting this support is critical for the bulls, otherwise the price of FLOKI will move to the psychologically important $ 0.00060 level. In the future, we can expect a fall in FLOKI / USDT to the level of $ 0.00057, where the 50 and 100 SMA converge.
This bearish outlook is confirmed by the downward movement of the Relative Strength Index (RSI) indicator and the Movign Average Convergence Divergence (MACD) indicator. Note that the MACD is about to send a sell signal to FLOKI, which may happen in the near future when the 12-exponential moving average (EMA) breaks below the 26 EMA.
At the same time, the Floki Inu price will hold above the 200 SMA if it makes a sharp climb to the November 23 intraday high above $ 0.000205. This would mean an increase of about 15% from the current price.
The RSI shows that the previous FLOKI was in the overbought area, which indicates that the bulls are still aiming to increase the Floki Inu. In addition, the MACD line (highlighted in blue) is located above the signal line (highlighted in orange), which indicates a bullish market trend.
In addition, the MACD is above the zero line in the positive area, indicating that market sentiment for Floki Inu is positive, which adds confidence to the bullish outlook.
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