FLOKI is attracting fresh trader interest on Monday, February 23, as price action stabilizes at a crucial technical support within a descending channel on the three-day timeframe.
According to the crypto analyst Jonathan Carter, despite broader corrective pressure, sellers have failed to secure a decisive breakdown.
This resilience suggests underlying demand, with market participants closely watching whether buyers can defend the structure and initiate a reversal.
Jonathan Carter is observing the chart note strengthening reactions from the support zone, where buyers appear increasingly active. Repeated defenses of this level often signal accumulation rather than weakness.
Momentum indicators are beginning to reflect a subtle shift, hinting that bearish pressure may be fading. Such developments typically precede heightened volatility and potential directional expansion in markets.
However, if the strength of the bullish momentum is sustained, several resistance levels have been noted as possible targets of the price increase.
In the near term, the main resistance levels being targeted include $0.000038, $0.000057, and $0.000078. In the event that the breakout is sustained, further resistance levels may include $0.000117 and $0.000160.
Source: Jonathan Carter X Post
However, prevailing market risks are still high, especially with the ongoing prices in descending channel formations, where false breakouts are common.
Failure to hold current levels of support could undermine the ongoing recovery story and increase the downside pressure on FLOKI. The level of $0.000025 is recognized as a key level of risk.
According to TradingView, as of Monday, February 23, FLOKI on the daily chart is still trading within a defined downtrend. The price continues to make lower highs and lower lows, as it did after the big run-up.
The Bollinger Bands are sloping downward, indicating a bearish trend. The price is still holding at the lower band, indicating high downward momentum, but is struggling to rise and touch the middle band.
Source: TradingView
RSI is resting in the mid-30s, reflecting bearish momentum, but not at overly sold levels. Sellers are still dominant, but a strong mean-reversion move is not near. The fact that the RSI moving average is above the RSI line indicates weak momentum.
When combined with the falling price structure and falling Bollinger Bands, there can be seen bearish sentiment, where the price needs to rise above the middle band.
Also Read: FLOKI Rebounds Despite Weak Volume: Can $0.000140 Be Next?
