FLOKI suffered double-digit losses, like most large-cap altcoins in the crypto market. The precipitous Bitcoin [BTC] price drop due to...
At press time, the memecoin was trading just above a support level that has served faithfully since mid-April. Will the buyers come to the rescue again, or are the bears too strong this time?The 78.6% retracement level at $0.000138 was tested for the third time since April. The past two retests did not see an immediate recovery. Instead, the price consolidated for a few days around the Fib level before climbing upwards on the back of high trading volume.
At press time, the downtrend was dominant. The -DI crossed above the +DI on the DMI indicator. The Awesome Oscillator fell below neutral zero to show that bearish strength was growing. The CMF was at -0.02, and a drop below -0.05 would denote significant capital flow out of the market. At press time, a neutral CMF reading held up the expectations of consolidation.In July, FLOKI bounced from $0.000135 to $0.000206 and saw the Open Interest climb from $36 million to $88.6 million. Since then, both the OI and the price have been heading south – A sign of bearish sentiment.Over the last two days, the short liquidation positions outnumbered the long ones considerably.
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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