October 31, 2023
The Floki coin price has experienced a significant rally, surging around 120% from its low on October 20th. Currently trading at $0.0000377, the coin has caught the attention of crypto enthusiasts with its impressive performance.
The Floki price rally is supported by a surge in trading volume, indicating strong buying interest. This suggests that the rally may be more than just a temporary surge.
During the rally, the coin buyers successfully broke through key resistance levels at $0.0000247, $0.0000365, and most recently, $0.0000378. Although there was a minor pullback, the buyers have the potential to sustain the recovery if the coin price closes above $0.0000378.
If the coin price manages to close above $0.0000378, it could gain suitable support to continue the recovery. This post-breakout rally has the potential to push the prices another 33% higher, reaching the psychological barrier of $0.00005.
While short-term traders may prefer to book their profits, there is a possibility of overhead supply pressure. If the selling pressure pushes the Floki price below $0.0000378 and the downsloping resistance, a deeper pullback may occur. Potential support levels can be found around $0.000036 and $0.000032, according to the Fibonacci retracement tool.
In conclusion, the Floki coin price has shown impressive performance and strong buying interest. If the buyers can sustain the rally and break through key resistance levels, there is potential for further surge. However, caution should be exercised as there may be overhead supply pressure and the possibility of a deeper pullback. Investors should closely monitor the key levels mentioned to make informed decisions.
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