FLOKI, at the time of writing, was up 2.37% for the day as Bitcoin [BTC] tried valiantly to climb past the $97k-mark.
FLOKI price encountered some resistance at a key Fibonacci level, sparking fears of a deeper retracement. At the time of writing, the memecoin’s demand had slowed down following a recent 160% ascent.
FLOKI’s inability to break a crucial March high and the subsequent downtrend in June might lead to a concerning scenario.
FLOKI’s 1-month liquidation map also hinted at deeper retracement levels. At press time, these levels were positioned at $0.000225 and $0.000219.
FLOKI technicals hinted at a bearish momentum over the past few days. At the time of writing, the memecoin’s demand had slowed down following a recent 160% ascent.
FLOKI’s inability to break a crucial March high and the subsequent downtrend in June might lead to a concerning scenario.
Highlighting this, the memecoin’s 1-month liquidation map also hinted at deeper retracement levels. At press time, these levels were positioned at $0.000225 and $0.000219.
These had high leverage long positions’ liquidations. In particular, $0.000219 had a relatively high cumulative long liquidation leverage, and could attract prices to it.
To the north, the cumulative short liquidation leverage was smaller, but the $0.000248-$0.00025 area could see a short-term bearish reversal.
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