FLOKI, at press time, was trading above the resistance zone it encountered in the latter half of June. This meant that the memecoin will...
, at press time, was trading above the resistance zone it encountered in the latter half of June. In fact, it had formed a bullish pattern and can beThe on-chain metrics relayed good news for the bulls a week ago and a 41% price bounce from the Fibonacci retracement level was soon seen. Also, technical analysis revealed that the upward momentum might likely continue, at least in the short term.tested the 78.6% retracement level for the second time in four months.
With the $0.000176 level flipped to support, the bulls would be targeting $0.000222 as the next resistance. The daily RSI showed that momentum has turned bullish after moving above neutral 50. However, the A/D indicator did not bounce as quickly. It halted the previous downtrend, but its northbound move was sluggish – A sign that buying pressure was weak. While this did not suggest a divergence, it could be a warning sign for the market’s buyers.The mean coin age has trended higher after a steep fall in early June. This can be interpreted to be a sign of accumulation. The 30-day MVRV climbed into the positive territory, which could lead to sell-pressure from short-term profit taking activity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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