FLOKI is currently undergoing a significant breakdown, as it trades below a vital multi-year ascending trendline, indicating a deterioration in its bullish structure. The cryptocurrency has declined over several weeks, now hovering around $0.000045, characterized by a series of lower highs and decreasing trading volume.
Chart analysis from Cryptollica highlights that the asset has fallen beneath a trendline that has been in place since early 2023, which historically has shown strong reactions. This latest movement below the trendline suggests a loss of long-term bullish momentum unless buyers can regain control. The all-time high for this altcoin remains at $0.000349, a stark contrast to its current trading levels.
The ongoing trend reveals persistent weakness, with the daily chart indicating that the price continues to drift lower. The current position near $0.000045 reflects strong selling pressure, with a consistent pattern of lower highs since September. The recent decline has also been marked by thin volume, pointing to a lack of buying interest during this pullback.
The Relative Strength Index (RSI) has dropped to 29, placing FLOKI in oversold territory, which could imply potential for a rebound. However, momentum has not shifted, as the moving average remains below 40. For any short-term recovery to take shape, the price needs to reclaim levels above $0.000050 to $0.000053.
Intraday analysis also reveals ongoing selling pressure, with the price slipping to around $0.000046 following several unsuccessful attempts to break above $0.0000465. Each attempt has been met with swift rejections, indicating strong seller presence throughout the trading session. The lower highs pattern observed in intraday trading suggests that recovery efforts are losing steam.
Short-lived price increases have lacked substantial volume support, illustrating diminished participation from buyers. Although there were early signs of stabilization from an intraday low close to $0.000045, the uptick failed to gain momentum. The market”s strength in the current session is closely tied to whether it can reclaim the $0.0000465 to $0.000047 range.
Technical indicators highlight immediate resistance at the previously broken trendline and within the short-term range around $0.000047. A successful comeback in this area could signify renewed buyer interest. Conversely, failure to surpass this level may lead to further declines, as the market continues to test lower demand zones.
If sellers maintain dominance, FLOKI could revisit liquidity pockets established earlier in the year, which are significantly below current market prices and reflect the broader downward trend observed in recent sessions. Traders are watching closely to see if the current oversold condition will trigger a brief reversal or if it will lead to further weakness.
