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The FLOKI price dipped slightly over the last 24 hours to trade at $0.0001718 at press time.
FLOKI Price Resting On Support
In recent trading sessions, the FLOKI price has shown a fluctuating performance on the 4-hour chart. It has also revealed insights into potential market movements and trading opportunities. Over the last few sessions, the closing prices have ranged from $0.00016866 to $0.00017046, with a slight decline followed by a recovery. The currency’s current trajectory suggests a cautious market sentiment.
– Moving Averages: The 9 Exponential Moving Average (EMA) has seen a gradual decrease from $0.00017174 to $0.00017062, currently sitting below the 20 EMA which has also decreased from $0.00017331 to $0.00017215. This configuration generally signals a bearish sentiment as the shorter EMA remains below the longer one.
– MACD: The Moving Average Convergence Divergence (MACD) further supports this bearish outlook. Recent values indicate a negative histogram progression, with the MACD line remaining below the signal line throughout the period. This suggests that downward momentum is still in control.
– RSI: The Relative Strength Index (RSI) readings have hovered near the 43-45 range, suggesting a slight bearish momentum without entering oversold territory. This indicates a lack of strong buying pressure at this stage.
Major Levels to Watch
FLOKI is currently trading near critical support and resistance levels. The nearest support levels are observed at $0.00016967 and $0.0001694, with an additional lower support at $0.00016857. On the upside, resistance is positioned at $0.0001738, followed by higher resistance levels at $0.00017715 and $0.00018044. The current price activity near the lower support levels might attract buyers looking for a bounce-back, whereas resistance levels could see sellers stepping in to prevent further upward movement.
Given the prevailing technical indicators and market sentiment:
– For Long Trades: Traders might consider entering long positions if the price rebounds strongly off the support at $0.0001694, targeting a rise towards the first resistance at $0.0001738. A firm break above this could open the way to $0.00017715.
– For Short Trades: A potential short strategy could involve entering near the resistance level of $0.0001738 if the price shows rejection signals, with a stop-loss slightly above this level to mitigate risk.
The technical indicators for the FLOKI price suggest a bearish bias in the short term, advising traders to watch for potential rebounds from support levels or resistances being tested. Market participants should consider both entry and exit points cautiously, keeping an eye on the support and resistance flips.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial opinion or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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