• Mon. Mar 4th, 2024

Floki Inu (FLOKI) Prepares a Plunge to $0.00005 amidst Bearish Technicals

Dec 12, 2021
  • The meme coin FLOKI remains vulnerable as the four-hour chart displays bearish technicals.
  • Floki Inu bulls encounter a massive obstacle around the confluence zone at $0.0001330.
  • Breaching $0.00011 might clear the road to the downward target of $0.00005.

Floki Inu’s (FLOKI) price remains flat around the 2-week lows as the meme coin defends the crucial support level at $0.00011. For now, dog coin’s enthusiasts track bearish movements by the leading canine-themed cryptos, Shiba Inu (SHIB) and Dogecoin (DOGE).

Floki Inu has received attention since Elon Musk advertised it on his Twitter account. The crypto has seen impressive prices over the past months. Some related meme tokens include King Floki V2, ElonFlokiInu, and Christmass Floki X – they surged more than 500% over the previous week.

For now, Floki Inu trades with a 1% loss on the day, wavering at $0.00013, competing for its 6th weekly loss. The dog coin lost nearly 13% of its price over the last seven days.

Floki Inu Eyes a Downward Triangle Breakdown

According to the 4Hr price chart, FLOKI bears seems ready to challenge $0.00011, the horizontal trend-line support. Keep in mind that the altcoin has bounced off this level three times since 28 November. Floki Inu kept printing lower highs at the time, creating a descending triangle formation.

The RSI points lower under the central line, confirming that the highlighted triple bottom might appear vulnerable. A 4Hr candle close beneath the latter may authorize a triangle breakdown. That will open doors towards a $0.00010 low.

If the selling strength intensifies, Floki Inu will see a new downswing. That way, the meme crypto will plunge towards $0.000050, October levels.

On the upward, the dog coin has a hurdle at $0.0001330 – bearish 21SMA and a declining trend-line resistance confluence zone. Further FLOKI recoveries will encounter the closest obstacle around the descending 50 Simple Moving Average at $0.00014. Floki Inu bulls have to step up to challenge the somewhat bearish 100-Simple Moving Average at $0.000151.

For now, FLOKI trades with sluggish moves as technicals highlight bullishness. The altcoin might encounter plummets before regaining upward momentum. Moreover, SHIB and DOGE movements might reflect FLOKI’s upcoming actions.

Stay tuned for more updates.

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