The popular memecoin Floki is approaching a critical resistance level at $0.0001441, a barrier that has historically proven significant for the token. This comes after a recent price rebound from the $0.00011 support level, resulting in an impressive 31% increase.
Floki Price Performance
At the time of writing, Floki is trading at $0.0001418, reflecting a 17.04% gain in the last 24 hours. This surge positions the memecoin as today’s top gainer, with its market capitalization rising to $1.358 billion, placing it 52nd in global rankings by market cap.
FLOKI/USD 1-Day Chart (Source: CoinMarketCap)
Adding to the positive sentiment, Floki’s trading volume has surged by 62.72% in the past day, reaching $309.458 million. This spike in volume highlights growing investor interest in the memecoin market, suggesting increasing confidence in the token’s potential.
Despite the recent gains, Floki has not yet fully shaken off the bearish sentiment. On a monthly chart, the token is still down by 30.40%. However, a successful breakout above the $0.0001843 resistance level could reverse the negative trend and signal the start of a strong uptrend.
Will Floki Break the $0.0001441 Resistance?
From a technical perspective, the relative strength index (RSI) is currently at 53.52, hovering around the neutral zone. This suggests that the token could consolidate in the short term before resuming its upward momentum. With plenty of room before hitting overbought territory, Floki has the potential for further gains, possibly breaking through the $0.0001441 resistance and rallying toward the 38.2% Fibonacci level at $0.00017.
FLOKI/USD 1-Day Chart (Source: TradingView)
If the upward trend continues, Floki could break above its longstanding bearish trendline, boosting bullish sentiment and driving the token towards retesting previous highs near the 50% Fibonacci level at $0.000195.
However, caution is warranted as the daily Bollinger Band indicates that the token is currently in overbought conditions. This often signals the potential for a short-term reversal, which could lead to a correction toward the middle band at $0.0001238 before another bullish attempt. Traders should remain vigilant as the memecoin navigates this critical resistance zone.
