FLOKI price recently broke a long-term downtrend by surpassing the 200-day moving average. The current correction may signal a potential continuation of the upward trend.
Current FLOKI Analysis
FLOKI shows a successful breakout above the 200-day moving average, indicating a possible shift in the long-term market structure. Although a correction is underway, it appears more bullish than bearish.
Key Technical Points
Key points of the analysis include:
* **Break Above 200-Day MA:** FLOKI has broken and closed above its 200-day moving average, confirming a trend change. * **Support Zone Established:** The current correction is targeting a region where channel support, 0.618 Fibonacci retracement, swing lows, and value area low converge. * **Potential for Aggressive Bounce:** If support holds, price could revisit the channel high in an impulsive move.
Forecasts for Future Price Action
If FLOKI maintains the current support zone, a rally toward the channel high is likely, especially if trading volume starts to increase. Conversely, if this level fails, the price might revisit internal support levels further down. The trend remains bullish, and traders should watch for confirmation of higher lows.
Technical analysis reveals that FLOKI is at a turning point. The support at the 200-day moving average may serve as a foundation for further growth if the price remains resilient.
