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Floki Inu’s price continued to climb, climbing to $ 0.000143 with a daily gain of 17%. For now, the FLOKI bulls are focused on eliminating the losses that have swept the crypto market last week.
It looks like the price of FLOKI / USDT has formed a double bottom pattern on the 4-hour chart, stopping losses at the level of $ 0.00011870. This level covers the November 28 intraday low, which confirms the formation of a double bottom.
Such a bullish pattern forms when an asset has twice tested a support level without breaking below it. The two bottoms are usually separated by a moderate peak, as shown in the four-hour FLOKI / USDT chart.
A breakout of this technical pattern will be confirmed when the price of Floki Inu crosses the resistance level, which is equal to the peak at $ 0.000226. In this case, the token will grow by about 51.83% relative to the current price.
This bullish move is underpinned by Moving Average Divergence / Convergence (MACD) sending a buy signal on the four hour chart. This happened during the late New York trading sessions when the MACD line (highlighted in blue) crossed the signal line. The uptrend will intensify when MACD crosses the neutral line and enters the positive area.
The daily close above the immediate barrier at $ 0.000470 is critical to maintaining a potential upside breakout.
Note that the uptrend will be reversed if the RSI returns to the oversold area. Closing the day below the $ 0.000145 support level would reduce the chances of a recovery and trigger another sell-off, leading to another correction to the Nov 28 low at $ 0.00011870.
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