Floki Price Holds Support at 0.00007600 USDT Before Next Move

• Floki’s price nears an important Fibonacci level and traders are on alert.
• The rise above 0.00111259 USDT could mean another rally is in the works soon.
• If it drops below USDT 0.00002922, that would almost certainly suggest an impending larger correction.

Floki Inu’s price chart shows a well-defined structure, suggesting either a possible breakout or deep correction on the 3-day Binance chart. A five-wave structure is visible, indicating that indeed the major first impulse move is complete. What comes next will depend on whether Floki is able to break above or remain within a consolidation phase.

The trajectory of Floki’s price facilitated by key Fibonacci levels

Floki had recently tested the 0.618 Fibonacci retracement level at 0.00007600 USDT, an important price zone, often used to determine the momentum of a trend. Should that level hold, then price action could turn toward the 0.00111259 USDT zone, where Floki has seen past breakouts. On the contrary, if the price were to drop below 0.786 Fibonacci at 0.00002922 USDT, then the expected outlook is an even longer correction.

Although stochastic RSI nears oversold levels, suggesting a bounce may happen, the trading volume remains indecisive. There is a need for buyer interest to mount for a bullish continuation. In essence, should Floki hang in there concerning macro support, it may just be gearing up for another breakout.

Floki Next Action: Breakout or Breakdown?

Floki is now very close to a serious crossroads. If the breakout prevails, we may expect an explosive rally. On the contrary, upon the failure of support, a prolonged correction could hinder the expected bullish thrust. Traders should prepare for spiky price movement over the weeks to come as Floki settles on its next turn.

Bitcoin’s fear and greed index is down to 30, highlighting angst in the market. This follows the massive drop from Bitcoin: $100K highs to $77K, raising anxieties for impending price movement. Previous occurrences for the index having dipped into 20-30 have typically marked accumulation phases; the provided price so far remains way up, leaving any bias absorbed in deliberation for the time being. Should the sentiment continue to dwindle, then further drops may get ushered in.

If BTC stabilizes itself back above $80K, the index could get a boost, which should refuel an uptrend. Conversely, continued escalation in fear could throw up another round of volatility news. Obviously, traders will be gunning for signs of stabilization.