• Tue. Jun 25th, 2024

Floki Inu (FLOKI) Bounces off Critical Support Level, Eyeing 60% Surge

Erik Taylor

ByErik Taylor

Dec 16, 2021
  • FLOKI price rakes off after creating a triple bottom formation, confirming an incoming upswing.
  • The meme coin eyes $0.000225 retest, showing that FLOKI awaits a 60% upswing.
  • Breaching the support floor at $0.000122 will cancel the bullish narrative.

Floki Inu (FLOKI) prepares another upswing attempt after correcting a fast run-up. The retracement is about to form a lower low, authorizing an upswing. Market players can expect the dog coin to extend its upswing past the closest swing high.

FLOKI Price Ready for an Upsurge

FLOKI had its price tag the support zone at $0.000122 three times since 28 November, completing a triple bottom pattern. Floki Inu gained 68% after the 3rd tag on 11 December, setting a swing high near $0.000195.

However, the run-up faded within no time amid continued profit-booking by investors. That resulted in a 27% correction to FLOKI’s current position – $0.000141. Meanwhile, the bullish narrative for the meme token will remain undisturbed if FLOKI doesn’t print a lower low.

If FLOKI creates a higher low, the crypto will attract more buying strength. With that, market participants can expect Floki Inu to catalyze a 60% upswing that overcomes the nearest swing high near $0.000141, tagging levels at $0.000225.

As things look lucrative for FLOKI price amidst the triple bottom pattern, an extended retracement under critical levels will overturn the optimistic thesis highlighted above. Breaching the support barrier at $0.000122 will form a lower low, canceling the bullish case. In such a case, FLOKI will suffer a 22% crash, retesting the nearest support area at $0.0000949.

Meanwhile, the crypto spectrum has sustained bearishness over the past sessions. Bitcoin remains below the $50K psychological level. While publishing this content, BTC trades near $48,662.

The leading digital coin has to reclaim levels beyond $50,000 to support bullishness in the crypto market. With that, alternative assets, including FLOKI, will challenge their upward targets with fewer hurdles.

On the other hand, further drops in BTC will mean amplified bullishness in the market. Such sentiments can see Floki Inu on a downward path. Nevertheless, let’s see what the up-and-coming sessions will have.

Erik Taylor

Erik Taylor

Erik Taylor, contributing author for Big Trends Signals, leverages his vast online trading knowledge to provide thorough guides and impartial reviews, simplifying complex trading concepts for readers.

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