Floki Inu Price Analysis: Why FLOKI Token Surged 40% Today And Should You Enter This Rally?

TThe FLOKI token price is still under a short-term downtrend and is currently trying to sustain above the $0.000118 support. Furthermore, an exciting news for all Floki fans that would also be the reason for sudden buying pressure in this token is the announcement of their partnership with FC Twente, which plays in the highest level of professional football in the Netherlands. This partnership will help FLOKI grab the attention of the massive Netherland crowd.

Key technical points:

The FLOKI token price trying to reclaim the 20-and-50-day EMA 
The intraday trading volume in the FLOKI token is $63.6 Million, indicating a 130.2% gain.

Source- FLOKI/USD chart by Tradingview

The last time when we covered an article on FLOKI/USD, the token price displayed a remarkable price recovery which pumped the price to a crucial resistance of the $0.00022 mark. However, the price couldn’t break this overhead resistance, and giving a bearish reversal, it dropped back to the bottom support of $0.000189.

As for today, the intense buying pressure in the market led to a bullish price reversal, which resulted in a 35% gain by the press time. The token price is currently trying to breach its nearest resistance zone around $0.000167.

The FLOKi token price is trying to cross above the 20 and 50 EMA lines, encouraging the ongoing rally. However, the daily Relative Strength Index(49) displayed a similar recovery in its value, but it is still moving below the neutral zone(50).

FLOKI/USD 4-hour Time Frame Chart

Source- FLOKI/USD chart by Tradingview

The FLOKI token price has provided a 4-hr candle closing above the resistance zone around $0.000167-$.00016 and is currently in a retest phase. However, this breakout was not so prominent, and these candles also displayed a long price rejection, indicating the presence of selling pressure. Therefore, the crypto traders should wait for a daily candle closing above this level to confirm a breakout.

The MACD indicator’s lines are on the verge of crossing above the neutral zone(0.00), providing an extra confirmation for a bull rally.

The post Floki Inu Price Analysis: Why FLOKI Token Surged 40% Today And Should You Enter This Rally? appeared first on Coingape.

Source: https://coingape.com/95224-2/

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