FLOKI is under renewed bearish pressure on Saturday, February 28, after days of sideways consolidation. The daily chart shows a clear downtrend with lower lows forming, signaling sellers’ dominance.
According to the crypto analyst Crypto Pulse, key support near $0.00002732 is now tested, and a decisive daily close below this level could trigger a sharper drop, potentially sending the token toward $0.00001550.
Source: Crypto Pulse X Post
Traders eye short opportunities as momentum builds. A common approach is entering shorts after support breaks, with stop-loss orders placed slightly above the previous support to limit risk.
While FLOKI remains popular in the crypto community, technical signals suggest caution for bullish positions. Investors and traders will be watching closely to see if support holds or the downtrend continues.
Also Read: FLOKI Rebounds Despite Weak Volume: Can $0.000140 Be Next?
FLOKI Technical Outlook Indicates Bearish Pressure
According to TradingView, as of Saturday, February 28, FLOKI’s chart depicts an overall sense of losing momentum as February draws to a close.
After a strong surge mid-month, the price ran into strong resistance at the 200 EMA, resulting in a steady decline. The candles have been stuck in a position below major moving averages, indicating that the overall bearish trend is gaining momentum.
Source: TradingView
Currently, the asset is at a critical point as it breaks below the protective cloud formed by the Ichimoku indicator. This indicates that the asset is experiencing increased downward pressure, and the price is now looking for support.
Without a significant increase in buying volume to support the price, the story is that of defensive play and the struggle to defy gravity.
Momentum Indicators Point to Oversold Conditions
The Relative Strength Index (RSI) is currently at 35.89. This shows that the asset is getting closer to the oversold region but is still in a bearish zone.
The asset is also below its signal line, which shows that the bearish momentum is picking up speed. It is usually looked at when the asset falls below 30.
Source: TradingView
The MACD indicator verifies this negative sentiment with a clear bearish crossover. The blue line of the MACD has moved down below the orange line.
The histogram bars of the MACD are also expanding in a downward direction. This visualizes the trend and suggests that this trend could continue until a bullish divergence occurs.
Also Read: FLOKI Price Could Surge to $0.000160 as Buyers Defend Key Support
