Recent developments in the cryptocurrency market continue to draw investors' attention to meme coins. In this article, we will make a technical analysis and price evaluation about Floki (FLOKI), one of the popular meme coins of recent times and traded on the Binance Smart Chain (BSC) network.
Market Condition and BNB Impact
The daily pennant pattern that formed on Binance Coin (BNB) recently resulted in a serious upward movement. This mobility in the BNB network naturally affects other coins traded on BNB. For this reason, it is useful to follow Floki, one of the biggest meme coins, closely.
Technical analysis
In our technical analysis for Floki (FLOKI), we see that the $0.31416 level is a critical resistance point. Daily closes above this level may indicate that the price will continue its upward movement. However, in case of closes below this level, we predict that the price may test the lower support levels.
As support levels, we follow the range of $0.27 - $0.2625. If the price falls below this range, the next support level is the $0.23284 - $0.22328 range, which is the pink box we identified on the chart.
Recommendations for Investors
The analyzes we share here do not constitute investment advice. However, the support and resistance levels we have determined can be important trading points for investors looking for trading opportunities in the short and medium term. Transaction purchasing and risk management are entirely the responsibility of the user. We strongly recommend that you use stop loss in the transactions we share.
As a result, it will be beneficial for investors to closely monitor the developments and price movements on Floki (FLOKI), especially considering the activity on the BNB network.
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