|

Analysis | Trading | Videos

UseTheBitcoin Market Update (FLOKI & TON) | May 14th, 2024

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

1 min
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

1 min
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

1 min
Last update


In this article, let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on FLOKI (FLOKI) and Toncoin (TON).

The two cryptocurrencies are currently near their resistance levels. Sooner or later, the prices could go down, and people might start taking their profits. Let us determine which areas it could bounce back to if it goes down.

Sign Of Weakness For TON And FLOKI

For TON, prices might return to the golden areas of Fibonacci retracement. That is around the $5.72 to $6.40 levels. The 20MA and 50MA also indicate that a short-term pullback might happen soon. If you are investing, mark your position at the Fibonacci levels. However, if you are trading futures, there will be a potential for shorting at the $7.03 to $7.50 levels.

We are also at FLOKI’s resistance levels. If it goes down, the best areas to catch it would be around $0.00016 to $0.00017. Those are the areas where it could potentially bounce back. FLOKI is also at the 50MA level. If you plan to short it, you could position it at $0.00018 to $0.00020.

Final Thoughts

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!