Floki Inu (FLOKI) Aims for a Key Upside Breakout

Floki Inu (FLOKI) formed a base above the $0.0000520 support. The price is recovering, gained over 10%, and now aims for a key upside break.

Floki Inu (FLOKI) price has formed a base above the $0.0000520 support. The price is now recovering and it is showing a few positive signs.

Floki Inu Price Still In Recovery Mode

In the past few days, Floki Inu (FLOKI) meme coin formed a base above the $0.0000520 level. The price consolidated for a few days and recently started a decent upward move. There was a move above the $0000580 and $0.000060 resistance levels.

The last 3-4 daily candles suggest an increase in buying interest better than DOGE and PEPE. FLOKI price is now showing a few positive signs above the $0.000070 level, but it is still below the 50-day simple moving average (blue).

(Chart: Binance)

Floki price is up over 10% and now approaches a couple of important hurdles. Immediate resistance is seen near the 50-day simple moving average (blue) and $0.000080.

There is also a major bearish trend line forming with resistance at $0.000080 on the daily chart. If the bulls clear the trend line resistance, it could spark bullish moves. The next resistance could be near the $0.000090 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.000207 swing high to the $0.0000529 low.

A close above the $0.000090 resistance might even push the price above the $0.00010 level. The first key resistance above $0.00010 is near the $0.0003 level and the 50% Fib retracement level of the downward move from the $0.000207 swing high to the $0.0000529 low.

If FLOKI clears the $0.000130 resistance level, it could gain bullish momentum. In the stated case, the price might rise and test the $0.000170 resistance. Any more gains might set the pace for a steady increase toward the $0.00020 level.

Another Rejection?

If FLOKI price fails to clear the $0.000080 and $0.000090 resistance levels, it might again react to the downside. Immediate support is located near the $0.000065 level.

The first major support is seen near the $0.000060 level. A downside break below the $0.000060 support might start another major decline. The next key support sits at the $0.0000520 level. Any more losses might call for a test of $0.0000450.

Overall, FLOKI price is attempting a recovery wave from the $0.0000520 zone. If the bulls remain active, the price might start a fresh increase above the $0.000080 and $0.000090 levels.