FLOKI continues to show a symmetrical triangle on its chart, indicating the likelihood of an imminent breakout. Analysts are wary of potential price declines.
Current Situation of FLOKI
FLOKI's price has settled into a symmetrical triangle structure, trading around the key level of $0.000062. As per CoinMarketCap, FLOKI last traded at $0.00006239, representing a 2.02% increase over the past 24 hours.
Analysts' Opinions on Potential Decline
Analyst Ali Martinez warns of a potential sharp decline in price if key support levels are breached. He notes that FLOKI has faced multiple rejections at descending trendline resistance, deepening the bearish sentiment.
Technical Indicators and Forecasts
The four-hour chart shows weak buying pressure. The Money Flow Index (MFI) reads 68.23, remaining in a neutral to bearish zone. There is a risk of a drop to the next significant support level at $0.00004 if the current levels don't hold.
Current patterns and indicators suggest a high likelihood of a bearish breakout for FLOKI. However, the situation may change if FLOKI manages to break through resistant levels.
