Amid a sudden surge in meme coins, FLOKI prepares a reversal rally to surpass $0.00015. Will a bullish harami pattern result in a massive surge?
One of the top meme coins, FLOKI, is trading at a 64.47% discount from its 52-week high of $0.0003487. During the pullback, multiple buy-the-dip opportunities failed to create a new high.
However, the stronghold at $0.0001094 keeps the FLOKI price buoyant and keeps the chances of a bullish reversal alive. With another pushback to the sellers, FLOKI pumps on Monday before hitting the $0.00010 mark to end a four-day crash. Will this new recovery be the final dip in the months-long correction spree?
FLOKI Stronghold at $0.00010
FLOKI takes a bearish reversal from the merged 200-day and 50-day EMA near the $0.0001523 level. The downfall accounts for four consecutive bearish candles, resulting in a 25% decline in the market cap of the meme coin.
The bear cycle takes an early reversal from the $0.0001149 mark before testing the $0.00010 support level. Further, with a 4.28% surge on Monday, the FLOKI price trend concludes the bear run and forms a Harami candle pattern.
With Monday’s bullish candle enclosed within the bearish candle of Sunday, a harami pattern holds the upcoming FLOKI price trend. Meanwhile, the recent spike in the bearish influence results in an increased gap between the declining 50-day and 200-day EMA.
Further, the bearish trend in the MACD and signal line continues to drop into the negative territory with declining histograms.
Will FLOKI Price Surpass $0.00015?
Despite the technical indicators giving a sell signal, the price action at the $0.00010 level predicts a potential reversal. With a decisive trend kept in a Harami pattern, the breakout of it will determine the FLOKI prices.
A bullish breakout can challenge the $0.00015 ceiling for a potential breakout run to the $0.00020 mark. On the flip side, a bearish outcome will put stress over the $0.00010 mark, with the following support levels at $0.000078 and $.000055599.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
