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crypto.news 2025-06-09 18:39:21

FLOKI price eyes reversal after dumping: is a Three Drives Pattern forming?

FLOKI price eyes reversal after dumping: is a Three Drives Pattern forming?

FLOKI has bounced off a critical support level and is now trading within a clearly defined range. With liquidity still resting below and a potential Three Drives pattern forming, a bullish reversal may be on the horizon. FLOKI ( FLOKI ) experienced a sharp bearish impulse last week, driving price into a major support zone. After tapping the 0.618 Fibonacci retracement level perfectly, price rebounded but now faces resistance within a defined high time frame range. The coin is now trading between two crucial support and resistance levels, and the next break will likely define the directional momentum moving forward. However, the liquidity picture and broader market structure suggest that one more move lower could still be on the table before a confirmed breakout occurs. Key technical points Bounce from 0.618 Fibonacci: A textbook reaction off this key retracement level initiated the current rebound. Trading Between HTF Levels: Price is consolidating between high time frame resistance and support, awaiting a breakout. Three Drives Pattern Developing: Price may complete a third liquidity sweep before confirming a bullish reversal. FLOKIUSDT (4H) Chart, Source: TradingView After last week’s sell-off, FLOKI found support at the 0.618 Fibonacci retracement, historically a strong technical level. While the bounce was clean, the price has failed to break through high time frame resistance and has since settled into a range. Crucially, a notable liquidity low from previous structure remains intact. These lows often act as magnets from an order flow perspective, attracting price as market makers look to trigger stop orders before initiating a larger move. A sweep of this liquidity low could complete the third leg of a developing Three Drives pattern, a classic signal of bullish reversal when confirmed by volume. You might also like: XRP struggles, SUI faces setback; BlockDAG quietly delivers 2,520% gains, teases NBA deal If this third drive occurs, it will likely retest, or slightly undercut, the 0.618 Fibonacci level again. Completing this pattern would present a compelling reversal setup, particularly if accompanied by a volume uptick. From there, the path toward VWAP resistance and the previous value area high becomes more favorable, increasing breakout potential. What to expect in the coming price action If FLOKI sweeps the current low and forms a clean third drive, it could mark the end of the retracement phase and set the stage for a bullish breakout. Traders should watch for a reclaim of the HTFR and VWAP resistance as key signals of confirmation. Until then, the price remains range-bound, with downside liquidity risk still in play. Read more: Is Bitcoin still bullish or trapped in a range? key market structure at risk

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