FLOKI has experienced a free-ride decline since 13 November, losing nearly 50% towards its range low of $0.0001343. The engulfing bullish candlestick appearance on Thursday had Floki Inu starting a V-shaped recovery. That way, the crypto aims price areas above $0.0002613.
FLOKI’s V-Shaped recovery Targets $0.0002613
The 4-hour chart shows Floki Inu’s price forming a V-shaped formation, indicating a sharp price recovery. Remember, a V-shaped formation emerges after a token sees a significant price drop followed by a sustained upsurge. For instance, FLOKI has its price hovering near $0.0002050 as bullish investors aim highs past $0.0002638. Such a move will represent a 28% surge.
If the meme asset maintains its prevailing pattern, enthusiasts can expect Floki Inu to surge sharply before encountering the critical resistance around $0.000211 and 50 Simple Moving Average currently standing at $0.0002155.
The by sign by the MACD reinforces the bullish case. That came after the 12-day EMA crossed beyond the 26-day Exponential Moving Average early today. The bullish strength will have increased traction when the Moving Average Convergence Divergence crosses the zero (0) line towards the positive territory.
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FLOKI/USDT 4Hr Chart
The sharp surge from the overbought regions by the Relative Strength Indicator illustrated the bullish momentum strength. Meanwhile, the indicator rising past the midline initiated increased buy orders that can propel FLOKI high. That can see it exploring the target by the prevailing chart formation before overbought situations can emerge. Meanwhile, a day close past the significant obstacles near$0.000211 and 50 Simple Moving Average sitting at $0.0002155 remain critical to taking Floki Inu value higher.
On the other side, a significant daily close under $0.000211 and 50 Simple Moving Average zones can catalyze other downtrends. If such a case happens, FLOKI might retest the $0.000177 support before hitting the range low near $0.0001343.
Remember, tokens in the meme market have battled with lows over the past sessions due to the downbeat in the crypto space and inadequate catalysts to trigger meme coin rallies. For now, most tokens in this space will depend on overall market sentiment to register significant directional bias.
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