The Floki coin price has recently formed a rounding bottom pattern, marking a bullish reversal that could result in a sustained period of growth. The emergence of this pattern, boosted by the recent rise in the crypto market, has indicated that a new recovery cycle could be on the horizon. Traders interested in taking advantage of this trend could stand to profit from a massive rally with the Floki coin.
One of the factors supporting this bullish reversal pattern was the recent trading volume for Floki, which experienced a 73% gain, reaching $318 million. This significant increase in volume coincided with the May 5th news that Floki coin would be listed on the world’s largest cryptocurrency exchange, Binance.
Not only did this development contribute to the coin’s heightened trading volume, but it also pushed the Floki coin price past the local resistance of $0.000041, potentially paving the way for further bullish rallies. However, there has been a 9.5% drop in intraday support, potentially causing some hesitation among traders.
Strong support may be found at the 50% Fibonacci retracement level, which has historically marked a good entry point for traders looking to buy Floki. For those interested in seizing this opportunity, aiming for the $0.000041 price point could be a sound strategy, provided the coin proves its ability to maintain its current levels.
A variety of technical indicators also support the potential uptrend of the Floki coin. The moving average convergence/divergence (MACD) indicator reveals an aggressive buying market, with growing separation between the MACD and signal lines. Additionally, exponential moving average (EMA) data suggests a short-term bullish trend in Floki price, as demonstrated by the increasing 20-and-50-day EMAs.
With the backbone of the rounding bottom pattern, the Floki coin price could potentially see a 61% increase and reach the $0.0000685 neckline resistance. If the trend were to continue and see a breakout at that point, a further rush in buying pressure could be expected.
As for the Floki coin’s intraday levels, the spot rate stands at $0.0000427, with a bearish trend and medium volatility. Resistance levels can be found at $0.000057 and $0.000068, while support levels are $0.000041 and $0.000026.
Before making investments in cryptocurrencies, it is essential for individuals to conduct thorough market research. Keep in mind that this article captures the current market opinion and that personal financial loss remains a possibility.
Source: Coingape
