FLOKIUSDT.P
To Whom It May Concern,
This is an analysis of FLOKI, another memecoin, on the daily chart. My outlook leans towards the bearish side.
The trend is declining within a weekly gray parallel channel. Since August 5th, the price has made a series of lower lows (see the green trend line) but has been rejected by both the 200-Day MA and the upper part of the channel.
It appears a triangle is forming, with low volume for the bulls. My bearish bias is supported by the two resistance levels above the price: the 200-Day MA and the upper side of the parallel channel. My bullish bias, however, is based on the higher lows along the green trend line.
Overall, my stance is bearish, as the longer-term resistances present a stronger obstacle than the green trend line support.
If you have any questions or comments, please feel free to share.
As always, this is not financial advice. Stay safe and focused!
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