Meme coins are gaining a lot of traction in the crypto space recently, suggesting a potential bullish move for Bitcoin and other altcoins. However, an 8% increase over the past 24 hours put the sector’s market cap at a staggering $19.55 billion.
Floki has joined Pepe in the race for a parabolic bull run, touching $0.0000578 precisely today after a sudden pump from $0.000032 about 8 hours ago.
This surge went through April’s high to reach a new milestone in two months. A further explosion might scale the price above the current yearly high. It has retraced a little and now looking for close support to refuel surge.
If the cryptocurrency fails to find strong support, it will continue to roll over – resulting in a slow dumb as occurred in the past month. The $0.000040 level remains a key pointer for such a loss. Technically, the market structure looks bullish on the daily chart.
All in all, Dogecoin remains the best-performing cryptocurrency in terms of market cap, followed by Shiba Inu, then Pepe in third place and Floki as fourth with a market cap of $500 million at the time of writing.
Floki’s Key Levels to Watch
Following the latest surge in volatility, the immediate resistance level for a test is $0.0000557 with a close resistance level at $0.00006. A surge through $0.0000681 (February’s high) should drive the price higher.
On the other hand, the support levels to consider for a retracement are $0.000050 and $0.0000414. The $0.0000309 and $0.0000225 levels are supports to watch if a breakdown occurs.
Key Resistance Levels: $0.0000557, $0.00006, $0.0000681
Key Support Levels: $0.000050, $0.0000414, $0.0000309
- Spot Price: $0.000051
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
By Michael Fasogbon | Original Link