- Bears capture the FLOKI market as bulls falter after hitting $0.00002973 resistance.
- FLOKI’s price varies between 0.00002113 and $0.00002973 in the past 24 hours.
- Indicators predict a positive return if bulls battle on.
Bullish dominance had returned to the Floki (FLOKI) market, eradicating the bear grip that had driven the price down to $0.00002113. At the time of publication, however, investors’ enthusiasm had waned and the FLOKI price had dropped 11.22%, to $0.00002307.
The market capitalization plummeted by 3.98% to $198,135,135 as a consequence of the bearish grip, while the 24-hour trading volume increased by 79.63% to $41,317,703.This recent increase in volume is a positive indication for traders since it indicates that, despite the downturn, bulls are still interested in buying and selling FLOKI at present levels.
As the Bollinger Bands bulge on the 4-hour price chart, with the upper band at 0.0000290564 and the lower band at 0.0000098073, the downward trend shows no signs of abating. Despite the widening gap between the bands, this negative view has produced significant volatility in the market, with traders confused about whether or not to keep their holdings. Since the red candlestick is forming, the market’s pessimistic view is reinforced, suggesting that traders are grabbing profits and exiting their positions.
In contrast, the rising MACD line above the signal line, with a value of 0.0000032447, is offering some optimism for an immediate reversal, as the positive divergence may indicate that the market is approaching an exhaustion point. This implies that the current downward price trend is coming to an end and a period of bullish trading is about to begin, which would lead to a rise in prices.
The price movement on the one-day time frame is above the upper Bollinger band, which is now at 0.0000213387. This shift points to a possible end to the current bear slump and an impending bullish reversal in the market, as evidenced by rising volume and continued trading above the upper band, which indicates that traders are establishing long positions in the market in anticipation of a price rise in the near future.
With a value of 0.0000029208, the MACD line moving north and above its signal line adds to the bullish outlook. This shows that the bears’ control over the trend is weakening and the bulls are slowly taking over. As a result, rising MACD lines show that the market is moving in a good direction for FLOKI and that prices are likely to go up.
If bulls are to retain market dominance, resistance levels must be maintained and prices must be pushed higher in the FLOKI market.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.