- FLOKI needs to regain a Fibonacci level as support and consolidate to introduce a bullish bias.
- The technical indicators and liquidity pools pointed to a new price decline.
Floki [FLOKI] has been on a downward trend and has not started to recover from the recent losses, although the price is 30.5% higher than the recent lows. The resistance level at $0.00014 seemed likely to fend off the bulls.
The most recent low is at $0.0002. In the coming weeks, FLOKI investors hope that the nearby resistance level will reverse to support, allowing prices to consolidate there.
FLOKI bulls have a long battle ahead of them
Source: FLOKI/USDT on TradingView
The nearest significant high at $0.0002 is 67% higher than the meme coin’s market price. A slow series of higher lows and higher highs in August would be what the doctors recommend for the health of FLOKI bulls.
In this climate of uncertainty, it is unclear whether performance can meet the bulls’ expectations. The daily RSI was still well below the neutral 50, indicating bearish momentum, and the OBV fell due to increased selling volume in recent days.
The Fibonacci levels are expected to serve as resistance on the way higher.
The liquidation heatmap shows the price dropping another 25%
The liquidity pool in the $0.0001 zone has gathered and prices have moved higher again after Bitcoin [BTC] formed a local low at $49,000. However, there was still a significant amount of liquidation levels in the $0.000093 zone.
Realistic or not, here is FLOKI’s market cap in BTC terms
To the north, $0.00022 was the bullish target based on the three-month lookback period. The $0.000142 and $0.00016 levels are also potential spots where a bearish reversal could occur in the near term.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.