Floki has officially broken out of the downward price channel and is rising strongly, surpassing the 200-day EMA and reclaiming the important psychological level of $0.0001. The current bullish momentum is aimed at conquering the 50% Fibonacci level at $0.0001148 – a resistance level determined from the peak of $0.0002900 established on November 21 to the bottom of $0.0000455 on April 7 – indicating a clearer trend reversal signal.
In technical analysis, when the price exceeds the 50% Fibonacci level, it often triggers optimistic sentiment, prompting investors to increase their buying positions in search of higher profits. Accordingly, the 61.8% Fibonacci zone, equivalent to $0.0001428, could become a profit-taking target and form an important resistance area in the short term.
