FLOKI’s Downtrend Persists as Key Resistance Blocks Price Recovery

• FLOKI remains in a downtrend despite breaking a parallel channel, with analysts predicting a potential move toward $0.00005 in the near term.
• The cryptocurrency faces resistance at $0.00010048 (20-day EMA), while historical support between $0.00009000 and $0.00009500 sees renewed interest.
• Stochastic RSI at 81.86 suggests possible corrections, with FLOKI’s price at $0.00009422, reflecting a 2.99% decline over the past 24 hours.

FLOKI has been in a downtrend, struggling to regain key support levels after breaking below important price zones. The cryptocurrency faces resistance at the 20-day EMA, with traders closely monitoring whether the asset can reclaim higher price ranges or continue its decline.

Price Action and Market Structure

Crypto veteran Ali (@ali_charts) recently noted on Twitter that FLOKI has broken out of a parallel channel and could now be on its way toward $0.00005. Despite this breakout, the asset remains in a downtrend following its early 2024 rally retracement. The price has fallen below a key support level at $0.000110000. Subsequent price movement above this level will shape the next market phase.

The 20-day EMA, currently at $0.00010048, is a short-term resistance level. FLOKI remains below this moving average. A historical support zone is observed between $0.00009000 and $0.00009500, where previous buying interest was recorded.

Key Support and Resistance Zones

Resistance levels for FLOKI are $0.00010048 and a broader zone between $0.00011000 and $0.00012000. These are based on previous price action. The $0.000140000 level is also important, with $0.000178959 being another resistance level.

The principal support zone exists between $0.00009000 to $0.00009500. The support zone between $0.0008000 and $0.0008500 is projected to play a role in the price comparative to the bottom level.. A glance at the past price action shows that these levels have previously offered buying opportunities.

Technical Indicators and Future Outlook

The Stochastic RSI is currently at 81.86. The previous data shows that corrections have occurred when the Stoch RSI reaches similar levels. 

The break above the 20-day EMA or inability to hold support will determine the future price direction.

At the time of writing, FLOKI was priced at  $0.00009422, a 2.99% decline in the past 24 hours and a 0.08% decline in the past week.