This Key Support Level Could Set $FLOKI Up for a Push to New Highs

• $FLOKI has retraced to a key support and resistance (SR) level, drawing attention from traders.
• The token’s ability to turn this SR level into support could trigger a potential rally.
• A sustained position above the SR level could set $FLOKI on course for new price highs.

$FLOKI is the cryptocurrency token that after exceeding initial price targets has recently formed a critical support and resistance (SR) zone within the current range. This price level has therefore been of so much interest to many traders and analysts especially observing whether the price level will act as support. If $FLOKI is able to hold this key level, then there is potential that the token has another leg up to and through new highs in the forthcoming days.

Retracement and the Importance of Support Levels

There has been an indication of technical pull back from the recent high in the price of $FLOKI. As with all retraits the key is now whether the price can now consolidate around the main SR within this range in volatile markets. The potential $FLOKI has to flip this level to support is crucial as this would mean that the market has found a floor from which further upward trajectory can materialize.

The identified support and resistance levels are among the most prominent used in technical analysis.. If a cryptocurrency was trading above support, it means the coin has potential to continue a climb and should be bought. In this case, $FLOKI current position could be considered as another chance for a new wave if this level act as support.

Potential for New Highs if Support Holds

Thus, if $FLOKI manages to sustain a level above the SR level, the token may well be primed for some toward its past highs or even past those. More decisive is the immediate pattern where traders are looking for affirmation of this support turn that could open the door to higher ground.

The latest correction paints a different picture for the token in question as shown by the chart below. Every time the community does not have to push $FLOKI lower, they have the chance at putting it to new price levels instead when they establish a support base.