Key Takeaways
The higher timeframe bias for FLOKI was strongly bullish after it rallied 82% in a month. It could push past $0.00015 next, but before that, there was the chance of volatility in the coming days.
Floki [FLOKI] has rallied 41% in five days, measured from the 14th of July. The bulls have conquered two levels of critical importance to the continued rally.
The first was the $0.000096, flipped to support on the 16th of July. The second was the high from May at $0.000123, which was flipped to support the next day, on the 17th.
The memecoin market has performed well over the past month, adding almost $21 billion to the sector’s total market cap. It was up 46%, while FLOKI was up 82.4% over the past month.
The runaway bullish momentum of Bitcoin [BTC] and Ethereum [ETH] has contributed to FLOKI’s performance.
Over the weekend, BTC might see a minor price dip to drop to the $117k mark. Will this interrupt FLOKI’s march higher?
FLOKI traders should be prepared for these two scenarios
Source: FLOKI/USDT on TradingView
Using the move down from $0.000123 to $0.000059 that occurred in May and June, a set of Fibonacci levels was plotted.
It showed that FLOKI has reached the initial target of $0.000139, the 23.6% northward extension level. The next target was at $0.000163.
The CMF had been above +0.05 in recent days to signal strong capital flow into the market, but it dropped to +0.02 at the time of writing.
The A/D indicator, on the other hand, has maintained its steady uptrend over the past month. Together, the volume indicators outlined strong demand for FLOKI, which has slowed down over the past three days.
The MACD, like the price action, signaled strong bullish momentum. There weren’t any clues of a sizeable retracement ahead for FLOKI.
Source: CoinGlass
A possible downward move to collect the liquidity at $0.00012 could come, especially if Bitcoin witnesses a price dip.
The 1-week liquidation heatmap showcased the $0.000122 and $0.000116 levels as key magnetic zones to the south. The $0.00015 zone was also a target for the price.
Traders should be prepared for a dip toward $0.00012, but also for the possibility of a bearish reversal at the $0.00015 zone.
FLOKI has made strong gains over the past week and might need some time to cool down and consolidate. This period could see the price chop toward nearby liquidity pockets, increasing price volatility.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
