Since November 13, the Floki Inu price has been in free fall, losing approximately 50% of its value to the range low of $0.0001343. With the appearance of an engulfing bullish candle on Thursday, FLOKI began a V-shaped recovery aimed at areas above $0.0002613.
Floki Inu Price V-Shaped Recovery Targets $0.0002613
On the four-hour chart, FLOKI price formed a V-shaped chart pattern, indicating a sharp recovery. When an asset falls significantly and then rises steadily, a V-shaped pattern forms. For example, the Floki INu price is currently hovering around $0.0002050 as bulls aim for highs above $0.0002638, representing a 28 percent increase.
If this pattern holds, FLOKI is expected to rise sharply before hitting significant resistance at $0.000211 and the 50 SMA, which is currently at $0.0002155.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator has added to the bullish narrative. This occurred earlier today when the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA. It is worth noting that the bullish momentum will gain traction as soon as the MACD crosses the zero line and enters the positive region.
Four-hour chart of FLOKI/USDT to $0.0002613
The Relative Strength Index’s (RSI) sharp rise away from oversold areas demonstrates the strength of the bullish momentum. A break above the midline has triggered additional buy orders, which are expected to propel the Floki Inu price towards the target of the current chart pattern before overbought conditions take effect.
As a result, closing the day above the significant hurdles of $0.000211 and the 50 SMA, which is currently at $0.0002155, is critical to driving the FLOKI price higher.
Taking a Look Over the Fence
On the other hand, a daily close below $0.000211 and the 50-day SMA levels may set off another downswing. If this occurs, the Floki Inu price may retest the support level of $0.000177 and the range low of 0.0001343.