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The Floki price has jumped 6% in the last 24 hours to trade at $0.0001529 as of 3:25 a.m. EST on a 17% drop in trading volume to $228 million.
Floki Price Breaks Out Of Consolidation- Can The Bulls Sustain The Momentum?
The chart for the FLOKI/USD trading pair on the 4-hour timeframe exhibits several bullish signals. A significant pattern on the chart is the round bottom formation, which typically suggests suggests the price may have bottomed out. Following this, the price action has moved into an ascending channel, characterized by higher highs and higher lows, further reinforcing the bullish sentiment.
The Floki price is currently trading within the ascending channel, with the lower boundary acting as support and the upper boundary as a potential resistance, where traders might consider taking profits.
FLOKIUSD Analysis Source: Dextools.io
The Moving Averages (MAs) provide additional confirmation of the bullish trend. The 50 MA (blue line) is currently below the price, indicating short-term upward momentum, while the 200 MA (green line) has also been breached, signaling a longer-term bullish trend. These MAs serve as dynamic support levels as the price continues to rise.
The Relative Strength Index (RSI) is below the overbought level of 70 at 63.48, suggesting that there is still room for further upward movement. However, as the RSI approaches overbought territory, it could indicate a potential pullback.
The MACD also supports the bullish outlook, with the MACD line above the signal line and the histogram showing positive, albeit possibly weakening, momentum.
Potential Bullish Breakout On The Horizon For The Floki Price
If the Floki price continues to respect the support level provided by the ascending channel in the coming days, then it could attempt to break higher and possibly target new highs.
However, traders should remain cautious and watch for signs of a reversal, especially if the RSI dips into overbought territory or the MACD histogram starts declining. A break below the lower boundary of the ascending channel could signal a shift in trend and a potential downside move.
While the short-term outlook is bullish, some indicators warn of a potential pullback or consolidation in the near-term.
Traders should be prepared to adjust their strategies accordingly, particularly if the price approaches key resistance levels or if momentum indicators signal a reversal.
Shibashootout Presale Blasts Past $1 Million
As more upside is anticipated for the Floki price, investors continue to add more capital to the new Shiba Inu derivative Shiba Shootout (SHIBASHOOT), with more than $1 million already raised in early funding.
Investors’ enthusiasm up to this point has led crypto analysts and YouTuber Crypto Zeus to say that SHIBASHOOT may explode 100X after its launch.
Unlike typical meme coins, Shiba Shootout offers more than just hype; it features a playable game and a developing ecosystem.
A simplified game version is now accessible on Google Play and the App Store, allowing early backers to explore its concept.
Set in the fictional town of Shiba Gulch, the game allows players to engage in gunfights between Shiba Inu-themed cowboys, earn SHIBASHOOT tokens, and enjoy dynamic gameplay.
#SHIBASHOOT to the moon! 🌕🚀
We've just crossed the $1M mark! 💰
The momentum is incredible! 🌟
Huge thanks to our amazing community! 🙌 pic.twitter.com/ZkVaJSCioA
— shibashootout (@shibashootout) August 22, 2024
The game also features a Posse Rewards referral program, allowing users to recruit new members and earn tokens for themselves and their recruits.
Shiba Shootout operates using a DAO-like system featuring Token Governance Roundups where all SHIBASHOOT holders can vote on important project decisions.
The Lucky Lasso Lottery also allows players to win substantial rewards by betting with SHIBASHOOT. Shiba Shootout aims to combine skill-based gameplay with meme appeal to capture a share of the P2E market.
You can stake your tokens for an impressive 908% APY as well. Over 36 million tokens have already been staked.
Investors are jumping on board quickly to buy SHIBASHOOT at $0.02 per token via its official website. You will have to hurry if you’re looking to purchase the token, because its price is set to increase in less than 7 days.
Buy SHIBASHOOT tokens here using ETH, USDT, or bank card.
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