news 
FLOKI has recently confirmed a bearish double-top pattern, which is often seen as a sign of a prevailing downtrend. The price action has also shown a clear retracement, with a bounce back from its recent lows.
It’s crucial to analyze this development in the context of the broader crypto market trends. The chart shows that despite recent gains, open interest (OI) has decreased by 10% at press time to $18 million. This decline suggests a lack of conviction around FLOKI’s rally and may impact the sustainability of the uptrend.
Moreover, it is essential to acknowledge that the double-top pattern suggests a prevailing downtrend, which may continue if the bears are able to break below the neckline at $0.000166. If this happens, the price could potentially drop all the way down to $0.000124.
On the other hand, if FLOKI successfully breaks resistance at the neckline and continues to rise, it could invalidate the bearish thesis, leading to further gains in the cryptocurrency.
In the short-term, traders should be cautious of a potential sell-off at the key resistance level around $0.000188.
Source: ambcrypto.com
