The price of FLOKI has remained stable near $0.000071, with technical setups from multiple sources indicating a potential breakout scenario forming if market conditions align favorably in the short term.
**Bullish Reversal Setup Near $0.00007000 Support**
In a recent analysis shared on X, technical observers noted that the FLOKI/USDT pair on the 120-minute chart is hovering slightly above a critical support zone around $0.00007000. The chart features a green-shaded area marking this level as a probable buy zone, reinforced by the 0.5 Fibonacci retracement at $0.00006843.
The resistance area, meanwhile, sits near $0.00007800 to $0.00008000, forming a clear range for price action in the short term. This setup implies that after mild sideways movement, the token could attempt a breakout through the upper boundary of the consolidation channel.
Notably, strong volume reactions near the green support zone further support the case for a bullish bounce. This activity signals accumulation by large holders or short-term swing buyers, strengthening the potential for upward momentum.
**Market Data Reflects Consolidation With Stable Liquidity**
According to data from BraveNewCoin, FLOKI is trading at $0.00007153, marking a 1.37% daily decline. The asset’s market capitalization stands at approximately $689.72 million, backed by a 24-hour trading volume of $665.44 million and an available supply of 9.65 trillion tokens.
Currently ranked #135 globally by market capitalization, FLOKI demonstrates solid liquidity despite the recent cooling in price volatility. The narrow trading range between $0.00007000 and $0.00007300 aligns with the consolidation phase highlighted by analysts, indicating that accumulation is likely taking place.
Additionally, the price’s proximity to the mid-range Fibonacci level reinforces this structural support. This suggests that downside risks may be contained unless broader market sentiment weakens significantly.
**Technical Indicators Show Neutral Bias With Signs of Recovery**
At the time of writing, TradingView data places FLOKI/USDT at $0.00007148, slightly above its immediate support level. The daily chart displays a prolonged consolidation phase following the previous bullish rally, with prices significantly below the summer peak of $0.00015777.
This pattern indicates that while buying activity has cooled off, market participants are waiting for confirmation before initiating new positions.
The Relative Strength Index (RSI) hovers around 44, slightly above its moving average of 42.39, signaling a neutral to mildly bullish tone. The MACD histogram presents a small positive reading (0.00000071), although the MACD line remains slightly negative (-0.00000355), suggesting that momentum is currently in transition.
Overall, these metrics reflect a balanced tug-of-war between bulls and bears, with neither side showing strong dominance at this time.
—
In summary, FLOKI’s technical setup and market data suggest a consolidation phase near critical support levels, with potential for a bullish breakout if volume and market conditions improve. Traders and investors should watch the $0.00007000 support closely and monitor upcoming price action for confirmation of a trend reversal.
https://bitcoinethereumnews.com/crypto/floki-crypto-consolidates-at-key-support-eyes-break-above-0-00008000/?utm_source=rss&utm_medium=rss&utm_campaign=floki-crypto-consolidates-at-key-support-eyes-break-above-0-00008000
