Following its debut on the prominent retail trading platform Robinhood EU, Floki Inu (FLOKI) has witnessed a surge in popularity. This listing signals potential for an upward trend, particularly as local authorities closely monitor the token’s operations. While price fluctuations near a crucial support level have traders and investors debating whether FLOKI will reach new highs or decline in value. 25% decline is a possibility if it fails to hold this critical level.
Robinhood EU’s inclusion of a meme-based token like Floki Inu is noteworthy, reflecting the platform’s growing openness to unconventional digital assets. Real Floki Inu highlighted high traffic and increasing recognition as a result of this listing. However, they emphasized that Robinhood offers a platform for everyday people with 25 million users and billions in assets under management.
Analyst Posty predicts that this move might act as a catalyst for FLOKI price movements. He suggests that a breakout could occur if the token reclaims recent highs. The listing has sparked discussions within the trading community, with many anticipating a shift in momentum. 25% decline is a possibility if it fails to hold its support level.
The current price of FLOKI is testing the critical support level near $0.000057. Experts warn that a failure to hold this level could lead to a significant drop of up to 25%. The token’s recent price fluctuation reveals increased volatility. Crypto analyst Ali emphasized the significance of the $0.000057 support level, cautioning against a breakdown which could result in further losses. “If this level fails, FLOKI could see a sharp decline” he stated.
As traders await confirmation on their strategy, technical indicators suggest uncertainty regarding price movement. The 50-day EMA is above the current price, contributing to bearish pressure. Meanwhile, the Directional Movement Index (DMI) indicates a dominant selling pressure at present. However, the Relative Strength Index (RSI) remains in neutral territory near 40s.
A bullish breakout would be indicated if FLOKI breaks through resistance levels of $0.000066 and $0.000074, while continued selling could lead to further declines. Meanwhile, a break above these levels might signal a change in market sentiment. Notably, recent listing on Robinhood EU has spurred significant changes in trading volume, with increased buying activity potentially indicating growing investor confidence and reaching key support levels.
However, the potential for sell-offs remains high as traders assess Floki’s future trajectory. External factors such as broader market trends and social media interactions also play a role in FLOKI’s next move.
Source: X, TradingView