Floki Inu trades 9% up over the past day and hovers in the red after registering three consecutive bullish trading sessions between 28 November and 2 December. Though things might appear lucrative for investors on a daily timeframe, shorter-time investors need to be cautious as the meme coin threatens to plunge further.
Nevertheless, if Floki Inu stabilizes beyond the 200 Simple Moving Average, the meme coin might enjoy a remarkable comeback, exploring the $0.00002050 mark.
FLOKI Bulls Need to Defend 200-SMA Support
Floki Inu (FLOKI) has its price wavering at $0.0001775. The level is beyond the 200-Simple Moving Average at $0.0001743. The bulls have to defend this support area since losing it will drag the FLOKI price down towards the psychological level of $0.00060. Further, plunges might witness FLOKI/USDT suffering more plummets, tagging $0.00057. The 50 SMA and 100 Simple Moving Average converge at this zone.
The downward move by the Relative Strength Indicator and the Moving Average Convergence Divergence validates the meme coin’s bearish picture. Moreover, the MACD appears to present a FLOK sell signal, which may happen in the short term after the 12-EMA crosses under the 26-Exponential Moving Average.
FLOKI/USDT 2Hr Chart
Meanwhile, if FLOKI maintains beyond the 200 Simple Moving Average, the alt will see a sharp rise towards 23 November intraday peak above $0.000205. If such a scenario occurs, it will mean a 17% surge from Floki Inu’s current price.
The Relative Strength Index indicates that Floki Inu has been on the overbought territory previously. That confirms that bulls may ensure commitment to take FLOKI to higher price regions. Furthermore, the Moving Average Convergence Divergence remains overhead the signal line, showing a bullish outlook for the market. Also, the MACD is beyond the zero (0) line within the positive area, confirming lucrative market sentiment for FLOKI. That adds credence to the meme coin’s optimistic outlook.
For now, FLOKI bulls need to control the coin above the $0.0001743 level to witness a sustained uptrend. Keep in mind that the meme coin has various positive developments that would support its uptrend narrative. For instance, market participants await Burj Khalifa to light up today, promoting FLOKI.
You can share your views in the section below.