- FLOKI’s price dropped by more than 28% in the last 7 days
- Few of the indicators hinted at a trend reversal on the charts
As a seasoned crypto investor with a keen eye for market trends, I’ve seen my fair share of price drops and trend reversals in the memecoin market. And the recent decline in FLOKI’s price has left me feeling uneasy.
As a crypto investor in FLOKI, I’ve noticed a troubling trend over the past week. The bears have taken control of the market, causing FLOKI to lose a substantial portion of its market capitalization. The latest price drop has even pushed FLOKI to a critical point. If this memecoin can hold at its current support level, however, there’s a chance we might see a rebound on the charts.
FLOKI bears are leading
According to CoinMarketCap’s latest figures, the bearish trend caused the memecoin’s price to drop by an impressive 28% within the past week. To make things worse, over the last day, its value decreased by approximately 3%. Currently, the memecoin is priced at $0.0002054 and boasts a market capitalization exceeding $1.96 billion, positioning it as the crypto with a market cap of around $2 billion.
As a researcher studying the cryptocurrency market, I discovered that the decreasing price trend for FLOKI had a detrimental effect on its social metrics. Analyzing data from Santiment, I found that the weighted sentiment toward FLOKI took a significant downturn. This signified that negative sentiment, or bearishness, was prevalent among market participants regarding this memecoin.
Following a peak on June 12th, the social media buzz surrounding FLOKI noticeably decreased, indicative of waning interest or popularity.
As a crypto investor, I’ve been keeping a close eye on the latest news in the market. Recently, Chimp of the North, a well-known analyst in the community, drew my attention to an intriguing development he discovered.
Based on the tweet I’ve read, the recent price drop brought the value of this memecoin to a crucial support level at $0.00020. This is an important area, and if bulls manage to regain control, FLOKI could bounce back from its losses. A potential bull market might even propel the coin up to around $0.00035 over the next few days or weeks.
Will FLOKI make a comeback?
As a crypto investor, I looked at AMBCrypto’s analysis of the memecoin’s daily chart to assess if there were any signs of a potential recovery. Notably, the memecoin’s price had reached the lower boundary of the Bollinger Bands. Historically, when this occurs, there’s often an upward price trend that follows.
As an analyst, I’ve noticed that the Money Flow Index (MFI) has shown an upward trend recently and is moving closer to the neutral zone. This could be interpreted as a potential sign of an impending price increase.
“Despite the bullish signal in the market, the MACD indicated a bearish trend for the memecoin – a potential warning sign.”
After examining Hyblock Capital’s data, we identified potential targets for FLOKI’s price surge if it triggers a bull market. Based on our assessment, the route to $0.00025 becomes evident should FLOKI experience a bullish trend.
At that point, the memecoin might record a slight correction as liquidations would rise sharply.
Realistic or not, here’s FLOKI’s market cap in DOGE terms
However, if the memecoin fails to test its support at $0.00020, then it might drop to $0.00014.
As a market analyst, I’d like to bring your attention to the fact that FLOKI has officially initiated its promotional campaign in Nigeria. This strategic move could significantly increase adoption rates and contribute to robust growth for the company in the upcoming months.
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2024-06-15 14:47