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Key Takeaways:
- FLOKI broke a key lower high at $0.0000754, flipping to a bullish daily trend.
- The $0.0000745 level was retested and successfully reclaimed, bolstering bullish sentiment.
- FLOKI now eyes the $0.0000987–$0.0001 resistance zone as the next major price target.
FLOKI, the popular memecoin inspired by Elon Musk’s Shiba Inu dog, appears to be reversing its June downtrend. After shedding 12.4% in June and briefly dipping below a crucial support level, FLOKI has regained its footing and is showing signs of a bullish breakout.
Bullish Market Structure Break Sparks Optimism
On 29 June, FLOKI broke above its previous daily lower high at $0.0000754. This move marked a significant shift in market structure from bearish to bullish. The rally has since been supported by higher lows and a recent move above the 50-day moving average (DMA), indicating potential for a broader upward trend.
Despite lingering bearish pressure on the longer-term moving averages, the memecoin’s daily Relative Strength Index (RSI) crossed above the neutral 50 mark, further reinforcing bullish momentum.
$0.0000745 Reclaimed as Support
Throughout June, FLOKI struggled near the $0.0000745 support level. It attempted both a rally and a breakdown, but neither held. However, over the past week, bulls successfully reclaimed this key support, signaling renewed buyer interest.
This recovery has paved the way for a fresh push toward the psychological resistance at $0.0001 — a level that also marked the June high. While FLOKI hasn’t yet reached this threshold, its current bullish setup raises hopes that it could test this round number soon.
Local Resistance Breached on Lower Timeframe
On the 4-hour chart, the resistance zone at $0.00008 that repeatedly rejected bullish attempts in June was finally broken. FLOKI’s successful breach of this zone suggests growing buyer strength.
Also Read: FLOKI Crashes 14%: Will Key Support Hold Amid Bearish Pressure and Weak Market Signals?
The price may now retest the $0.000078–$0.000082 area, a region that could serve as a short-term demand zone. If this level holds, swing traders may find favorable entries, with a potential target set near the $0.0000987 mark — just shy of the $0.0001 psychological resistance.
Although Bitcoin’s recent volatility has added uncertainty across the crypto market, FLOKI’s structural recovery and rising momentum give investors cause for cautious optimism. However, much depends on whether bulls can sustain demand and breach the $0.0001 barrier in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
