$FLOKI edges lower by nearly 2% at press time on Thursday after bouncing off 30% higher from the 200-day Exponential Moving Average (EMA) on Wednesday. $FLOKI channel breakout rally gains traction as it reclaims the $0.000100 round figure.
The Solana-based meme coin faces opposition at the 61.8% Fibonacci retracement level $0.000142, extrapolated over the pullback from $0.000290 on November 21 to $0.000045 on April 7.
A daily close above this level could extend the bullish run to the 78.6% Fibonacci level at $0.000195.
The 50-day EMA surpasses the 100-day EMA, a sign of increased bullish momentum in the short-term trend.
The momentum indicators on the daily chart, Moving Average Convergence/Divergence (MACD), with a positive trend in the MACD and signal line, alongside the Relative Strength Index, indicate overbought conditions at 74, suggesting increased $FLOKI bullish momentum.
On the flip side, a reversal in FLOKI could test the 50% Fibonacci retracement level at $0.000114.
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