The Floki trading price had been surging for a while until it ended up facing a downtrend. The report shows that the asset is currently experiencing consolidation.
This means that the asset declined and has now become stable for a short period of time. As of now, Floki is in the consolidation phase.
Temporary Consolidation
As of now, the asset is undergoing its consolidation, which suggests that the buyers have taken a break from the long-running rally.
The investors have been leading a rally for a very long time and now it seems that they have paused their activity for a breather. Their main goal is to replenish their buying power and sentiments.
Until they have replenished their buying momentum, they will not relaunch the rally. Once the investors have caught their breath and their bullish momentum is reinstated, the asset’s trading price would start elevating again.
After experiencing a very long rally for a while, the trading price of Floki started to move sideways. The asset’s trading price had started to decline two weeks earlier.
Since then, the trading price of the asset continued declining only to hit a consolidation in the recent session.
The price chart shows that the demand for the asset has declined by 50%, putting a significant amount of pressure on the asset’s value.
The chart shows that the trading price of the asset has found a strong support level at $0.000038. If the price of Floki falls below the strong support level, the asset’s trading price may decline by 15% or 18%.
With the asset hitting the consolidation period, the trading volume for the asset has increased significantly.
The trading volume for Floki has surged to $30.9 million, which means that the volume has surged by 31%.
Strong Price Movement of Floki
The year 2023 proved to be very significant for Floki ever since it began. The trading price of the asset recorded significant gains from the month of January to the month of February.
Due to the strong push, the trading price of the asset reached a higher trading mark of $0.00006. The bullish trend proved to be very significant for the asset against the bears, and their selling attempts.
From time to time, Floki did experience a downtrend but it managed to recover significantly. The investors are still confident that the bullish trend will be relaunched soon.
However, the bears may hit harder to test the buying power of the bulls and check their sustainability.
Price Decline of Floki
The trading price of Floki was hovering at a high of $0.00006 when its trading price experienced a decline. The asset’s price fell from a higher level close to the support level of $0.000038.
The price chart shows that the trading price of the asset had plunged by 36%, once it had reached a high of $0.00006.
For now, the bulls are aiming to find a strong footing and they have to increase their buying power to have the asset reach a higher level.
Once they do find a strong footing, they will launch a strong rally to push the asset’s price higher.
Bulls to Push Floki to $0.00006
If the bullish trend is formed, then the bulls may try to push Floki on the bullish trajectory. Their first goal would be to push the trading price of Floki to a high of $0.0000453.
As the bullish trend is formed, the trading price of Floki may surge to a high of $0.00006.
Bearish Trend of Floki
On the other hand, if the trend moves in the bearish zone, then the trading price of the asset may continue to decline.
The data shows that if the trading price of the asset starts declining, it may reach a bearish trend. The value of the asset has been declining to lower levels
As the price keeps on declining, then the trading price of Floki may fall to a low of $0.0000325.