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Following the recent listing on Robinhood EU which is a renowned retail trading platform, Floki Inu (FLOKI) has quickly grown popular.
It has raised expectations of a breakout as local authorities keep an eye on main operational levels.
As the token fluctuates near the critical support level, traders and investors are evaluating if FLOKI has the potential for growth or will decrease its price.
Robinhood EU Listing Sparks Renewed Interest
The listing of FLOKI on Robinhood EU would be a significant development for Floki Inu.
However, Robinhood is rather picky regarding the choice of digital assets, which is why this inclusion of a meme-based token is quite notable.
The official account for FLOKI, Real Floki Inu, celebrated the milestone and went on to state that its platform records high traffic with an increasing number of people recognizing the token.
However, Real Floki Inu was quick to add that Robinhood is the path for the people; it has 25 million users and manages over $200 billion in assets.
This could make FLOKI easily fit in the list of other cryptocurrencies, hence drawing more investors towards it.
Posty, a crypto analyst, pointed out that this event might act as a catalyst for FLOKI’s price movement.
He suggested that a breakout could occur if the token reclaims recent highs. The listing has increased discussions within the trading community, with many watching for a potential shift in momentum.
FLOKI’s Price at a Critical Support Level
Concurrently, FLOKI’s price is testing a key support level near $0.000057. Analysts have noted that a failure to hold this support could lead to a 25% decline.
The four-hour chart shows that the token recently pulled back from a high of $0.000074, signaling increased volatility.
Crypto analyst Ali highlighted the importance of the $0.000057 support level, cautioning that a breakdown could lead to further losses.
“If this level fails, FLOKI could see a sharp drop,” he stated in a recent market update. The token’s price action suggests that traders are closely monitoring this area for potential buying interest.
Resistance levels are near $0.000066 and $0.000074, which FLOKI failed to break through in the past few weeks.
A breakout above these levels would suggest a trend change, and weakness below the levels could lead to a further sell-off.
Market participants are currently in a waiting mode as they decide on which side of the market they want to be in.
Technical Indicators Suggest Uncertainty in Price Movement
Based on technical indicators, there is an intertwined convergence in near-term targets with the FLOKI moving between bears and bullish runs of the weekly chart.
The 50-day EMA is above the current price, which explains the bearish pressure. In the same vein, the Directional Movement Index (DMI) shows that the current selling pressure is dominant.
The Relative Strength Index (RSI) is presently in the mid-40s, which is in neutral territory.
Should the RSI dip under 30, then FLOKI could be viewed as oversold, which may cause a buying frenzy.
However, if the prices continue to fall, it will signal a bearish trend and hence the need for more corrections
Analyzing small moving averages, it is seen that FLOKI has started the process of stabilization.
The 50-period SMA has been used as a dynamic support on the hourly chart by drawing it on the chart.
However, the most important technical level is still the 200-period SMA that shows the long-term trend.
The recent listing of FLOKI on the Robinhood EU has led to changes in the trading volume of the token among the market participants.
More buying activity could mean that the investors are gaining confidence to buy the security, thus reaching the important levels.
However, more selling pressure puts the token at risk of failing to hold the support level and therefore the possibility of declines.
There are also other outside forces that may prompt FLOKI’s next move in the following days, including general market trends and social media interactions.
