Hello Binance Square family! 👋
Floki Inu (FLOKI) is showing promising signs of a bullish breakout. Let's take a look at the technical factors and see what's happening.
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🔍 Technical Overview
Current Price: $0.0001123
Entry Price: $0.0001095
Stop Loss (SL): $0.0001016
Resistance Levels: $0.0001212, $0.0001290
Support Levels: $0.0001016
FLOKI is currently trading within a descending channel on the 1-hour time frame. A recovery from the lower boundary at $0.0001016 suggests the potential for upward movement. The RSI is showing a downtrend about to break and retest, supporting a bullish outlook. Stability above the 100 Moving Average will further confirm the upward trend.
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📊 Technical Indicators
Relative Strength Index (RSI): The RSI is approaching a breakout from the downtrend, indicating potential bullish momentum.
Moving Average: Price action is nearing the 100 MA, and a breakout above this level could signal a strong upward movement.
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🎯 Take Profit Targets
Based on the current price action and resistance levels, here are potential take profit (TP) targets:
1. TP1: $0.0001212
2. TP2: $0.0001290
3. TP3: $0.0001375
4. TP4: $0.0001450
5. TP5: $0.0001550
These targets align with previous resistance levels and Fibonacci retracement zones, providing reasonable points for traders to consider taking profits.
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🛡️ Risk Management
Stop Loss: Set at $0.0001016 to protect against potential downside.
Risk-Reward Ratio: With the first target at $0.0001212, this setup offers a favorable risk-reward ratio.
