The current bearishness of the market has affected most crypto to fall in value including bitcoin the mother of all crypto. The Floki Inu (FLOKI) bears have absorbed all the gains traders made during November last year when Floki Inu reached its all-time high (ATH). The meme coin turned down from the $0.0003 resistance and hit the January low support of $0.000032. However, this 48% devaluation has interested the market participants, suggesting a possible reversal.
During February’s third week, the Floki Inu (FLOKI) price continued to resonate in a narrow range stretching from $0.000043 and $0.000036. On March 5, the sellers breached the range support and slumped 10% to the monthly support of $0.000032. Floki Inu’s most respected support level by technical analysts, which is $0.000027, was broken a few days ago. Floki with all technical indicators turning bears may suffer further downside potential. According to the Bitcoin correction index, if Bitcoin retests last year’s all-time low (ATL) which is $28,800 Floki Inu may move down to $0.00001.
Technical Indicators
The Floki Inu price trading below the crucial EMA(20, 50, 100, and 200) states a bearish trend. Moreover, the coin chart shows the 50-and-200-day EMA approaching a bearish crossover, attracting even more sellers in the market. The MACD indicator lines show a bearish crossover below the neutral zone, projecting a sell signal. The downsloping ADX(17) slope indicates the underlying bearish momentum is increasing.
- Resistance levels- $0.000036 and $0.000043
- Support levels-$0.000026 and $0.00002
Technically, Floki Inu at this point is at a discount for the investors who believe in the project. Presently, Floki has lost 92% gained from its time high (ATH). Holding Floki Inu for the long term if the coin survives this bear market can easily turn the holders into millionaires. However, the market can be unpredictable in an environment such as this.
Summary
If this bear market continues for a long time many coins may vanish including Floki inu. They great “crypto winter” appears to be coming to a slow end, however. Investors should be cautious, but potential upside remains great.
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A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to high risk merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.
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