FLOKI (FLOKI) Price Could Drop in the Next Few Days, Here’s Why?
The FLOKI price has created a deviation above the long-term resistance zone and formed a bearish pattern. It is expected to continue decreasing in the near future.
The FLOKI price experienced a rapid increase since breaking above the long-term resistance line and confirming it as support on October 12th (green arrow). This move helped the price break above the $0.00003 resistance zone and rise to the next resistance at $0.000039. This is the final resistance zone before the price reached its all-time high at $0.000054.
After several days of consolidation, the price seemed to break above the $0.000039 resistance on December 5th. However, this breakout turned out to be a deviation (red ellipse), as the price dropped back below this zone on December 11th.
On December 17th, the price confirmed the $0.000039 zone as resistance with a bearish engulfing candle (red arrow), signaling the start of a downtrend.
The daily RSI has crossed below 50 and is sloping downward, supporting the potential for further declines.
Therefore, the FLOKI price may continue to decrease towards the nearest support at $0.00003. Breaking below this level could lead to a swift decline to the next support at $0.000025.
Short-Term Range Breakdown
The 4-hour chart shows that FLOKI has been trading within a short-term range from $0.000036 to $0.000039 since December 11th, indicating a balance between bulls and bears.
However, the price has broken below this range today, signaling that bears have taken control of the market.
The 4-hour RSI is approaching oversold territory and sloping downward, supporting the possibility of further declines.
Therefore, the 4-hour chart supports the prospect of price decline from the daily timeframe.
The most likely scenario suggests that the FLOKI price will decrease to the support zone at $0.00003 and potentially lower to $0.000025.
This bearish outlook would be invalidated if the FLOKI price breaks above the $0.000039 resistance on the daily timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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