Floki Crashes to Crucial Support, but a Legendary Rebound Zone Lies Ahead
Floki saw one of the biggest market losses in the last 24 hours, falling 7.49% and displaying a 24.52% monthly decline. Although price activity approached a long-standing support zone, there were still few indications of a bullish reversal.
Between 0.00007602 and 0.00007453, FLOKI has currently entered a crucial support zone. This support level has been essential in FLOKI’s price rallies in three different situations, each of which has produced notable gains, according to AMBCrypto’s market analysis.
Floki Hits Critical Support After 24% Crash: Is History About to Repeat?
The amount of unsettled derivative FLOKI contracts, or open interest, steadily decreased. The fact that it fell 17% in the past day suggests that the total liquidity of the derivatives market has decreased significantly. AMBCrypto discovered that FLOKI’s bearish sentiment is still increasing, suggesting that the price may continue to drop.
The selling pressure, however, seems to be widespread. The reading of -6.3 trillion for Accumulation/Distribution (A/D) indicated a strong exit phase. This opinion is further supported by the Parabolic Stop and Reverse (SAR) since dots have formed above the current price. Increased market selling volume would be implied if additional dots were formed.
FLOKI Triggers Technical Alarm, Turns to Metaverse for Recovery
Average Convergence Divergence (MACD). This pattern, which suggests a possible large price decline, is created when the MACD blue line passes below the signal orange line. A five-week advertising campaign was unveiled by FLOKI‘s team to promote its play-to-earn metaverse game in an effort to buck the downward trend. The endeavor might rekindle user interest and offer assistance if it is effective.
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