Technical analysis by Qaisrani-Trades about Symbol FLOKI: Buy recommendation (12/9/2024)

Floki/USDT is currently trading within a defined range, forming a box setup on the chart. This indicates a consolidation phase, where the price is accumulating strength for the next significant move.Box setup details: - Support (bottom of the box): This level acts as the accumulation zone, where buyers typically step in. Ideal for entries during pullbacks. - Resistance (top of the box): This is the breakout level. The price needs to close above this area on higher timeframes to confirm a bullish continuation. Trading strategy: 1. Entry strategy: - For spot trades: Enter near the support level within the box. Hold patiently for potential upside. - For leverage trades: Use lower leverage and wait for the price to either bounce off the support zone or confirm a breakout above the resistance with volume. 2. Targets: - First target: 20-30% (if the price moves to the midpoint of the box). - Second target: 50% (if the price nears resistance). - Final target: 100% or more after a confirmed breakout. 3. Stop-loss: Place your stop-loss slightly below the support zone to protect against downside risk in case of a breakdown. 4. Breakout confirmation: A breakout above the top of the box, confirmed with increased volume and a strong candle close, can lead to a powerful rally. Remember, patience is key with box setups. Always manage your risk and trade responsibly.