- FLOKI needs to recapture the Fibonacci levels as support and consolidate to introduce a bullish bias.
- Technical indicators and liquidity pools suggested another price drop.
FLOKI (FLOKI) is in a downtrend and has not started to recover from recent losses, but is up 30.5% from its recent low. The overhead resistance level of $0.00014 looks like a bullish reversal.
The most recent low is $0.0002. In the coming weeks, FLOKI investors will be hoping that nearby resistance levels turn into support and that the price will consolidate there.
FLOKI The bulls have a long fight ahead of them.
Source: FLOKI/USDT on TradingView
The nearest significant high is $0.0002, which is 67% higher than the market price of the meme coin. A slow sequence of higher lows and higher highs in August would be what doctors recommend for the health of FLOKI bulls.
In this climate of uncertainty, it is unclear whether performance will live up to bullish expectations. The daily RSI is still well below the neutral 50, indicating bearish momentum, and the OBV is declining, reflecting increased selling in recent days.
Fibonacci levels are expected to act as resistance lines as prices move upward.
The liquidation heatmap shows that the price is likely to fall another 25%.
Source: Highblock
The liquidity pool in the $0.0001 zone was collected and the price bounced higher after Bitcoin (BTC) formed a local bottom at $49k. However, there was still a significant amount of liquidation level in the $0.000093 zone.
Realistic or not, FLOKI’s market cap in BTC terms is as follows:
To the north, $0.00022 was a bullish target based on a 3-month lookback period. The $0.000142 and $0.00016 levels are also potential points for a bearish reversal in the short term.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.