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The bullish recovery in FLOKI coin price fails to rise above the resistance trend line in the 4-hour chart and results in a price fall.
FLOKI Inu (FLOKI) is a dog-themed meme coin that claims to be not a meme-themed coin but "a movement." It's a cryptocurrency that was created by people who are fans of the Shiba Inu (SHIB) community. The coin's name comes from Elon Musk's Shiba Inu.
Read more to know more about the technical analysis of the Floki Inu token.
Past Performance of FLOKI
The FLOKI coin price shows an amazing growth of 26% in the past 24 hours after finding demand near the $0.00011 horizontal level. However, the price falls after reaching the resistance trend line, resulting in higher price rejection candles.
Therefore, price action traders need to patiently wait till the price breaks above the resistance trend line.
FLOKI/USD Technical Chart
FLOKI Technical Analysis
A detailed look into the FLOKI coin price action shows a double top pattern near the resistance trend line. And, the fallout of it will result in a negative retracement to the support trend line.
The bullish breakout of the symmetrical triangle can find resistance near the $0.00022 and $0.00028 marks. However, in case of a fallout of the $0.00011 mark, the $0.00009 horizontal level will help halt the falling prices.
The crucial EMAs - 50, 100, and 200 maintain a negative alignment in the 4-hour chart. Traders can find these EMAs as possible resistance levels for rising prices.
The RSI indicator at 55% shows the slope retracing to the central line in the 4-hour chart. Furthermore, the MACD indicator shows rapid growth in fast and slow lines, shortly resulting in the rise of bullish histograms.
Therefore, the indicators in the 4-hour chart provide contradictory signals. However, the breakout of the resistance trend line will provide an excellent buying opportunity.
Upcoming Trend
Currently, the FLOKI coin price retraces from the resistance trend line due to the selling pressure near the $0.00017 mark. Therefore, traders with bullish intentions need to wait for the trend line breakout before buying into the growth.