• FLOKI rises 5.71% with a significant surge in trading volume, signaling strong investor confidence and bullish sentiment.
• A steady price increase suggests positive momentum, but critical resistance levels may challenge further gains.
• RSI and MACD signals indicate mixed market sentiment, with potential for either a bullish breakout or bearish rejection.

FLOKI is currently trading at $0.00007320, marking a 5.71% rise in the last 24 hours. There has been a sudden increase in the trading volume of the coin, which soared by 807.42% and currently stands at $674.38 million. This substantial growth in volume indicates investor confidence and a high degree of bullishness about the coin.

Source: CoinMarketCap

During the past week, FLOKI increased by 3.15%, which has been steadily following the positive trend. The steady increase in price indicates that there is a likelihood of a positive respite of the coin in the near future. Investors are becoming more interested as the coin continues its bullish pattern.

FLOKI Faces Key Resistance, Breakout Could Fuel Rally

Crypto analyst CryptoPulse highlighted that FLOKI has critical resistance levels despite the recent bullish move. The coin has lost its trendline support on the weekly timeframe and is currently testing it again on the lower side. This has put the coin at a critical point whose capability to revert back to the trendline support will define its future direction.

Source: X

Provided that FLOKI regains the trendline and breaks out above $0.00009, a rally can be expected to meet targets up to the $0.00011 zone. Nevertheless, in case it does not overcome this resistance, the coin may experience additional depreciation. Then the support level is observed at approximately $0.00004.

Also Read: Bitcoin’s Struggle Below $109K: Will Support Hold or Breakdown?

Additionally, another analyst, Crypto Jobs, revealed that the coin has been confined beneath significant resistance levels, particularly within the range of $0.0870. The analyst described further that the trend reversal or breakout will require FLOKI to move daily above the level of $0.00010500. But in the short run, the coin will experience a bearish rejection, after which it will undergo a sideways price period within the existing zone.

Source: X

RSI at Neutral Levels, MACD Shows Bearish Pressure

The Relative Strength Index (RSI) of FLOKI is at 44.34, meaning the coin is not oversold or overbought. This level indicates that the price still has the chance to vary in any direction depending on the market conditions. The momentum is not extreme, as the RSI is above the critical 40.18 level, and the price action may continue.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicates a gap of -0.00000546 between the MACD and the signal lines. This short-term negative value displays a small bearish movement. The MACD histogram also exhibits a declining buying pressure, and this is an indication that there is bearish momentum. 

The price movement of FLOKI will be determined by its approach to the resistance levels in the coming days. Traders should monitor any indication of a breakout or another pullback as the market probes important support and resistance levels.

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