Floki Inu is preparing for a drop towards $0.00005 according to negative technicals.

Mr. Plan ₿
2 min readDec 12, 2021
Source photo TradingView

The price of Floki Inu remains susceptible due to negative technicals on the 4H chart.
At the $0.0001330 confluence zone, FLOKI bulls will meet tough resistance.
A break of $0.00011 may pave the way to the $0.00005 downside objective.
As FLOKI traders monitor the negative momentum in its Dogecoin and Shiba Inu, the Floki Inu price has flatlined near the two-week lows, defending the important support at $0.00011.

The dog-themed crypto currency has resisted the tremendous gains made by coins named after Elon Musk’s pet ‘Floki.’ Christmas Floki X, ElonFlokiInu, and King Floki V2 were among the other copycat coins that increased by more than 500% in the preceding week.

The Floki Inu price is now down 1% on the day, trading around $0.00013, after suffering a sixth consecutive weekly loss. The meme coin has lost almost 12% of its value in the last week.

The price of Floki Inu is approaching a descending triangle collapse.

FLOKI bears are prepared to assault the horizontal trendline support around $0.00011, which the price has rebounded off three times since November 28th, according to the four-hour chart of Floki Inu.

Meanwhile, FLOKI price has continued to establish lower highs throughout the same time frame, producing a falling triangle pattern on that time frame.

The Relative Strength Index (RSI) is trending lower below the center line, implying that the aforementioned triple bottom may be jeopardized in the future.

A four-hourly candlestick closing below the latter might verify a triangle breakdown, allowing for a test of $0.00010 the figure.

If the selling pressure increases, a new downswing will begin, aiming for the October lows around $0.000050.

On the upside, substantial offers are expected above $0.0001330, the intersection of the falling trendline resistance and the bearish 21-Simple Moving Average (SMA).

Further rebound will be hampered by the declining 50-SMA at $0.00014.

For FLOKI bulls, the slightly bearish 100-SMA at $0.000151 will be the milestone to beat.

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Mr. Plan ₿

Passionate about personal development and crypto/stocks investments, I share valuable insights for your success . For collaborations vremaroiua.medium@gmail.com