- FLOKI forms higher lows, signalling potential trend reversal in motion.
- Open interest dips slightly, hinting at uncertainty despite price recovery.
FLOKI ($FLOKI) is showing renewed strength amid its latest price recovery in the crypto market. According to analyst Crypto Tony, FLOKI/USDT is nearing a critical resistance zone at $0.00001120.Â
The weekly chart indicates a steady recovery from recent lows, with the token currently forming higher lows, a pattern often viewed as a sign of trend reversal. The chart also features a previously broken ascending trendline and horizontal support near $0.00000600, both of which held firm during earlier retracements.
Tony noted that this price area has historically served as both support and resistance, reinforcing its role as a pivot level. A clear break and close above $0.00001120 could confirm a bullish structure, he added. This could open the door for a stronger upward move, as buyers continue to test market supply near this range.
Open Interest Shows Trader Indecision
Coinalyze, recent data shows fluctuating open interest levels for FLOKI, pointing to mixed sentiment. The one-hour chart shows the current price at around $0.0000898 following a gradual rebound.
Open interest peaked at approximately 3.267 million before dropping slightly to 3.259 million, signalling possible profit-taking or market hesitation.
Analysts interpret the drop in open interest as a sign that some traders are reducing exposure. Despite the upward price trend, the lack of a consistent rise in open interest suggests limited conviction behind the rally.
Price Action Reflects Growing Market Attention
At the time of writing, FLOKI is trading at $0.00009430, marking a 5.64% increase over the past 24 hours. This rise follows a steady climb from $0.00008855 earlier in the day, supported by increased trading volume. The upward trend remained intact throughout the session despite minor intraday fluctuations.
Analysts say the higher trading volume shows buyer confidence and suggests that the current trend may continue. However, price consolidation could occur near current levels as the market tests resistance. Traders are closely monitoring how FLOKI behaves around this zone to determine the next directional move.
Disclaimer:Â This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.