There is reason for the FLOKI price prediction to be bearish in the short-term as the A/D indicator and the on-chain metrics showed selling.
Since the 5th of November, FLOKI is up by 97% despite the pullback that began in mid-November.One lament that FLOKI investors may have is that the token has not set new highs for the year, unlike the other two.
This meant that the gains could potentially be much higher for the other two, especially PEPE, compared to FLOKI. On the other hand, it was an encouraging development that the $0.000205 level was flipped to demand. This level represented the 50% Fibonacci retracement level from the rally in March. The Awesome Oscillator was above zero to show bullish momentum on the daily timeframe, despite the 20% pullback from the local highs.On the 4-hour chart, a range formation was spotted. The mid-range level at $0.000226 has been flipped to support, but the A/D indicator was in a slump. This reflected a lack of buying pressure.The 30-day MVRV has cooled down after making 3-month highs in mid-November. This rise corresponded to the rapid gains FLOKI made.
However, there was reason for the FLOKI price prediction to be bearish in the short-term. The mean coin age saw a sudden drop on the 28th of November.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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