Floki Inu Price Analysis: Token Preparing Its Next Move Inside A Descending Triangle Pattern
Since the fall in November, the FLOKI token price has followed a descending triangle pattern. This pair is resonating between the falling trendline and $0.000153 support as it slowly approaches the apex. The crypto traders can expect a strong directional move once the price escapes this pattern.
Floki Key technical points:
- The RSI chart shows a bullish divergence in the 4-hr time frame chart
- The intraday trading volume in the Floki Inu token is $36.2 Million, indicating a 207.5% gain.
The last time when we covered an article on Floki Inu on December 13th, the token price displayed a sudden 40% pump trying to break out from the resistance zone around the $0.00016 mark.
However, the buyers couldn’t sustain above this level, and therefore the price fell back to the bottom support of $0.000115 on December 20th. Furthermore, the pair continued to move forward and is still consolidating between these same levels.
The FLOKI token price moving below the 20-and-50 day EMA, indicating a bearish trend in this token. The daily Relative Strength Index (44) confirms a bearish sentiment in its price, with its line moving in a sideways rally below the neutral zone.
Floki/USD 4-hour time frame chart
The Floki Inu price action respects the descending triangle pattern of the daily time frame chart. This indicates an even further fall in this token when the price breakdown from the support neckline, i.e., near $0.000153. The price has recently been rejected from the descending trendline and is set to retest the bottom support again.
However, the pair always have a reasonable possibility of starting a strong bullish rally if the price breaks the overhead resistance trendline. Therefore, the crypto traders should wait till the price breaches either of these levels.