The Floki Inu is headed towards $0.000175 as the technical situation favors the bears.
On the 4H chart, the Floki Inu price is trending south due to negative technicals.
The expected listing of Floki Inu on four crypto platforms has left FLOKI bulls unsatisfied.
FLOKI bulls must defend $0.00022, while $0.000255 faces tough challenge.
After a week of turbulent trading, the Floki Inu price is expected to settle at lower levels on Sunday.
The dog-themed crypto currency has dropped for the second week in a row, pointing to a further fall from record highs of $0.000405 set on November 4.
FLOKI price is poised to prolong its corrective slide in the short term, as investor interest in the canine-inspired meme coins has waned so far this month.
Despite Floki Inu’s team receiving authorization to announce the coin’s possible listing on four cryptocurrency exchanges, including Bitmart, FMFW.io, Digifinex, and AAX exchange, FLOKI bulls remain unimpressed.
The price of the Floki Inu is aiming for a test of the descending triangle support.
FLOKI bears are gripping the reins after the coin’s inability to resist at higher levels, as seen on the four-hour chart of Floki Inu.
FLOKI price has already broken through the important short-term bearish 21-Simple Moving Average (SMA) of $0.000243.
The price of FLOKI has been prompted by a new selling wave, exposing horizontal trendline support at $0.00022.
A downside breakout from a fortnight-long descending triangle formation will be confirmed by a four-hourly candlestick closing below that level.
The price will subsequently plummet towards the horizontal (orange) trendline support at $0.000175 in a huge sell-off.
The Relative Strength Index (RSI) is considerably lower, indicating that additional falls are possible.
Acceptance over the 21-SMA support-turned-resistance is required for any upward retracement.
The next important resistance for FLOKI bulls will be around $0.000255, which is the junction of the falling trendline resistance, 50 and 100-SMAs.
The bearish crossing between the 50 and 100-SMA, which was verified on Saturday, is now playing out, compounding the agony in the FLOKI price.