FLOKI is at a critical support range and holding the $0.00007700 could trigger a bullish rally. Will the bulls hold?
FLOKI is currently testing a key support level within a historical price range, with its current price action suggesting a corrective rally ahead. However, the meme coin needs to maintain the $0.00007700 key support zone.
Technical Setup
A look into FLOKI’s technical setup on the 1-week chart reveals a breakout from an ascending wedge pattern, followed by a strong rally in early 2024. The price consolidated for weeks before breaking below the 0.00011 key support zone. Following the breakdown, FLOKI is testing the 0.00011-0.000050 support zone with price fluctuating around 0.000077.
What’s next for FLOKI?
In lower timeframes, the $0.00007700 key support is historically significant for the memecoin’s next move. According to analyst Crypto Tony on X(formerly Twitter), bulls will need to hold this support zone to avoid a plunge to lower levels. If they fail to hold the memecoin at the $0.00007740, $0.00005200 could be FLOKI’s next support zone in the mid-term, before attempting another price uptrend.
As a result, the $0.00007740 remains essential in determining the memecoin’s next move. If the bulls hold and push above with high volume, FLOKI could be poised for a rally testing the $0.0001100, a key resistance zone in the next few weeks.
Disclaimer: 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.
