Despite the increased price volatility, the Flolki coin price displays a negative trend with a correction of over 12% within the past 24 hours, indicating a bearish sentiment for this memecoin in the crypto market.
Positively, the Floki price has added approximately 188% within the past seven days and 395% over the past 30 days, highlighting a strong bullish influence over the long-term prospect.
Memecoins Regain Momentum Amid Increased Market Volatility!
The Floki coin price traded in a narrow space between $0.0000274 and $0.0000373 for over 58 days, highlighting weak buying and selling for the altcoin in the crypto space. As the market volatility grew, the price recorded a jump of over 79.5% in valuation.
After facing rejection at $0.0000643, the memecoin traded in a closed range between $0.00005146 and $0.0000643, indicating a weak price action. Following this, the bulls recorded a jump of 161.2% within the next 28 hours, indicating a strong bullish reversal.
The Floki token faced rejection at $0.0001344, after which the price displayed a neutral trend for a while. As the bulls regained momentum, the bulls successfully broke out of the resistance level.
However, the rally was short-lived as the price faced rejection at $0.000158. Since then, the price has been trading in a consolidated range, indicating a cool-off in the price action.
The technical indicator, MACD, displays a rising red histogram, indicating an increased selling pressure for the memecoin in the crypto market. Further, the averages show a bearish convergence, suggesting a negative price action for the token in the coming time.
Will FLOKI Price Increase?
If the market holds the FLOKI token price above the support level of $0.000134, the bulls will regain momentum and prepare to test its resistance level of $0.000158 soon. Moreover, if the bulls continue to gain momentum the memecoin will attempt to test its upper resistance level of $0.000180 this week.
Conversely, if the bulls fail to regain momentum, the Floki price will fall to test its support level of $0.000106. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.0000854.