Cryptocurrency FLOKI continues its upward momentum as it approaches a key resistance level. Analysts note that current market trends suggest the potential for further growth.
Ascending Triangle Breakout Signals Bullish Setup
Analyst Crypto Tony indicated that FLOKI is approaching an important resistance level at $0.00016800. The token recently broke out of an ascending triangle on the weekly chart, followed by a retest and bounce. This move suggests accumulation and growing investor confidence in the current trend.
RSI Enters Overbought Territory
Currently, FLOKI is trading at $0.00013921, showing a 2.68% gain on the day. This increase followed a decisive break above the $0.00013000 resistance, which was backed by notable trading volume. The Relative Strength Index (RSI) is at 77.85, placing it in overbought territory.
Technical Data and Support Level
FLOKI reclaimed the $0.00012000 zone, which had earlier acted as resistance. Holding this level now as support strengthens the bullish structure. The formation of higher lows and higher highs on the daily chart reinforces the uptrend. Analysts suggest that maintaining support above the breakout level will be key to preserving upward momentum.
Overall, FLOKI shows strong signals for continued growth despite the possibility of short-term consolidation. Market conditions and support of key levels will dictate the token's next steps.
