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Floki Inu

FLOKI Token Loses The Bullish Craze, Is This A Good Time to Sell And Protect Your Profits?

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From a technical perspective, the overall trend of FLOKI/USD is bearish. Moreover, the token is struggling to find sufficient support from the 0.5 Fibonacci Level, which could result in a downfall for the FLOKI token.

Key technical points:

  • The FLOKI token forms a head and shoulder pattern in the 4hr time frame chart
  • The daily chart RSI shows a strong bearish divergence in its chart.
  • The intraday trading volume in the FLOKI token is $58 Million, indicating a 20% fall.
TradingView Chart

Source- FLOKI/USD chart by Tradingview

On November 4th FLOKI token rally experienced intense selling pressure from the $0.0004 mark, which initiated a retracement phase in its technical chart. The token price plunged to the 0.5 Fibonacci retracement level and is trying to obtain sufficient support from this level.

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However, The Relative Strength Index (56) shows a steady downtrend in its chart, indicating the increasing strength of the market sellers.

FLOKI/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- FLOKI/USD chart by Tradingview

The FLOKI token revealed a head and shoulder pattern in this lower time frame chart, providing a great short opportunity for crypto traders. The neckline for this pattern is at the $0.00022 mark, and the price is currently hovering just above this level.

The MACD indicator states a bearish momentum for this token, as both the MACD and the signal lines are steadily moving below the neutral zone.

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The 4-hour chart also shows the 50 and 20 EMAs giving bearish crossovers, while the 100 EMA could help the price hold above its neckline. If it gains enough bearish momentum, the price could fall to the $10700 or $0.00018000 support levels.

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With three, top gaining Floki tokens in the picture, it’s time to talk about red flags

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With the holidays right around the corner, it is the season for new investments and naturally, more dog coins. At press time, two top gainers on CoinMarketCap – both inspired by Elon Musk’s Floki puppy – were catching eyes. However, at this point, it appeared that the investors need to ask some serious questions before they decide to bring the puppies home.

Do some ‘pupper’ research

Two top performers on CoinMarketCap were Prince Floki V2 [PrinceFloki] and Christmas Floki X [CFlokiX], both tokens based on the Binance Smart Chain. At press time, Price Floki V2’s price was $0.0000001441 and the coin saw a rally of more than 1400% in just a day.

Meanwhile, Christmas Floki X was changing hands at $0.00000001824 and spiked around 846% during the same interval.

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Source: Coin Market Cap

Prince Floki claimed to reward users with Dogecoin [DOGE] in return for holding. What’s more, the white paper discussed the token’s rebase function, which would reportedly adjust coin supplies. The white paper noted,

“…we can be on the top gainers parts of websites due to the illusion of a rise in price floor so is a brilliant marketing tool in itself.”

The Prince Floki Twitter account was also requesting users to hold on to their coins, and hinted that the token would reach the moon.

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Coming to Christmas Floki X, Twitter users claimed that their coins were mysteriously decreasing.

Source: Twitter

Time to sniff out the facts

The age of a crypto token’s official website can tell potential investors a lot about how much time and expertise was invested in the project. That said, Prince Floki’s website was created in early October.

Source: ICANN LOOKUP

Meanwhile, Christmas Floki X’s website was created slightly more than a week ago.

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Source: ICANN LOOKUP

On 3 December, however, another Floki themed coin – Universal Floki Coin [UFLOKI] – hit a price of $0.00000002923, or rallied by 205878808.75% in 24 hours. UFLOKI was also a Binance Smart Chain token.

Source: Coin Market Cap

But it’s worth noting that there were a number of missing details which are vital. Ergo, investors should make a safe and informed choice.

source: isthiscoinascam

Adopt, don’t shop

How badly could a dog coin investment go? Well, users are accusing Snowdog [SDOG], a token on the Avalanche C-Chain, of being a rug pull. Insiders reportedly took millions in funds, leaving investors shocked and confused as the meme token plunged in value from thousands of dollars to less than $100 in a matter of days.

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Source: Coin Market Cap

As of press time, CoinMarketCap had not marked SDOG as a rug pull.

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Floki Inu Price Analysis: FLOKI Should Defend The $0.0001743 To Sustain The Uptrend

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Floki Inu price is up 9% on the day and trades in the red after recording three straight bullish sessions between November 28 and December 02. Things are looking good for traders on the daily timeframe but for traders on the shorter time frames, caution should be taken as FLOKI threatens to fall further.

However, if FLOKI is sustained above the 200 period Simple Moving Average (SMA) it might make an impressive comeback with $0.0002050 in the offing.

Floki Inu Price Bulls Should Defend The 200 SMA Support

Floki Inu (FLOKI) is trading at $0.0001775 above the 200-period Simple Moving Average (SMA) at $0.0001743.

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Defending this support is crucial for the meme coin bulls as losing this support will pull the FLOKI price towards the $0.00060 psychological level. A drop further could see FLOKI/USDT drop further to tag the $0.00057 level were the 50 and 100 SMAs converge.

This bearish outlook is validated by the downward movement of the Relative Strength Index (RSI) indicator and the Movign Average Convergence Divergence (MACD) indicator. Also, note that the MACD is about to sent a call to sell FLOKI which might take place in the near term when the 12-exponential moving average (EMA) crosses below the 26 EMA.

FLOKI/USDT Two-Hour Chart Live Chart

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Floki Inu price

On the upside, if Floki Inu price sustains above the 200 SMA, it will make a sharp upswing towards the November 23 intraday high above $0.000205. If this happens, it will represent a 17% upswing from the current price.

The RSI shows that FLOKI was previously in the overbought region indicating that the bulls might still be focused to take Floki Inu higher. Moreover, the MACD line (blue) is positioned above the signal line (orange) indicating that the market is still bullish. Furthermore, the MACD is positioned above the zero line in the positive region indicating that the market sentiment for Floki Inu is positive adding credence to the optimistic outlook.

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Floki Inu Price Prediction: Expect FLOKI To Make A 44% Upswing To $0.0002350

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Floki Inu price is trading at the $0.0001655 with a bearish bias amid immense pressure from the upper boundary of the descending channel and 100-period simple moving average (SMA) around $0.0001750. FLOKI bulls are struggling to break out of the descending channel but face stiff resistance upwards.

Floki Inu Price Could Rise To $0.0002350

Floki Inu (FLOKI) is on the path to recovery after successfully bouncing off the $0.0001227 embraced by the middle boundary of the falling parallel channel. This bounce back took FLOKI price to a high of $0.0001760 before being rejected by the 100 SMA at around $0.0001750.

This was a 45% rise that saw Floki Inu price flip the 50 SMA from resistance to support. At the time of writing, FLOKI is fighting immense resistance from the upper boundary of the descending channel at $0.000169 and the 10 SMA at $0.0001750.

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A bullish break out above this level could see Floki Inu price rise to retest the resistance from the 200 SMA currently at $0.0002171.

If FLOKI bulls overcome the resistance from the said level, the meme coin could rise to tag the November 19 range high around $0.0002350 representing a 44% upswing from the current price.

FLOKI/USDT Four-Hour Chart Live Chart

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Floki Inu price

Note that the Moving Average Convergence Divergence (MACD) indicator is upward moving and has just crossed the zero line into the positive region accentuating the upward outlook.

Looking Over The Fence

Note that the Relative Strength Index (RSI) is showing a negative divergence is it turns downwards away from the overbought region. This means that the bears have not given up on pulling Floki Inu price down.

Hence, failure to hold above the 50 SMA will trigger immense sell orders that would see FLOKI fall to tag the middle boundary of the governing chart pattern at the $0.00010 psychological level.

A drop further may see Floki Inu drop to tag the $0.000050 psychological level or towards the target of the descending parallel channel at $0.000037.

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