- Floki Inu price looks south amid bearish technicals on the 4H chart.
- FLOKI bulls unimpressed by Floki Inu’s likely listing on four crypto exchanges.
- Defending $0.00022 is critical for FLOKI bulls, stiff resistance awaits $0.000255
Floki Inu price is looking to stabilize at lower levels this Sunday after witnessing volatile trading in the previous week.
The dog-themed crypto coin booked a second weekly loss, eyeing deeper correction from record highs of $0.000405 reached on November 4.
With reducing investors’ interest in the canine-inspired meme coins so far this month, FLOKI price is set to extend its corrective decline in the near term.
FLOKI bulls remain little impressed, despite Floki Inu’s team having got the permission to announce the coin potential listing on four cryptocurrency exchanges, viz, Bitmart, FMFW.io, Digifinex and AAX exchange,
Floki Inu price eyeing a test of the descending triangle support
As observed on Floki Inu’s four-hour chart, FLOKI bears are holding the reins after the coin’s failure to resist at higher levels.
In doing so, FLOKI price has breached the critical short-term bearish 21-Simple Moving Average (SMA) at $0.000243.
The move lower has triggered a fresh selling wave in FLOKI price, exposing horizontal trendline support at $0.00022.
A four-hourly candlestick closing below that level will validate a downside breakout from a fortnight-long descending triangle formation.
A massive sell-off towards the horizontal (orange) trendline support at $0.000175 will then unfold.
The Relative Strength Index (RSI) is pointing sharply lower, allowing room for more declines.
FLOKI/USDT: Four-hour chart
Any upside retracement will need acceptance above the 21-SMA support-turned-resistance.
FLOKI bulls will then face the next significant resistance around $0.000255, which is the intersection of the falling trendline resistance, 50 and 100-SMAs.
Note that the 50 and 100-SMA bearish crossover confirmed on Saturday is playing out, exacerbating the pain in FLOKI price.
Floki Inu Price Analysis: FLOKI Should Defend The $0.0001743 To Sustain The Uptrend
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.
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
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.
Floki Inu Price Prediction: Expect FLOKI To Make A 44% Upswing To $0.0002350
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.
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
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.
Floki Inu to Be Promoted on Burj Khalifa
Floki Inu continues its marketing blitz
Floki Inu, a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog, is ramping up its marketing efforts.
#FLOKI LOCKS DOWN THE BURJ KHALIFA
In what will be a landmark campaign symbolic of our strategic intent to dominate the Middle East, $FLOKI will have a massive display on the Burj Khalifa on the 3rd of December, 2021 – at 8:40PM Dubai time/4:40PM UTC. pic.twitter.com/y9090nbt7s— Floki Inu (@RealFlokiInu) November 30, 2021
Its team has just announced that the token will be promoted on the Burj Khalifa, the legendary skyscraper in Dubai that remains the world’s tallest building.
The advertising campaign is meant to help Floki Inu gain a footing in the Middle East.
The coin’s logo will be projected onto the 2,722-feet tall skyscraper on Dec. 3 in the middle of the UAE’s main National Day celebrations.
In a first for the Burj Khalifa, it will be displaying the word “cryptocurrency,” further legitimizing the industry.
The cryptocurrency project, which competes with Dogecoin and Shiba Inu, has also partnered with several football clubs.
Floki Inu also came under severe criticism for taking over London’s transportation system with its aggressive ads.