FLOKI price prediction – Watch THIS level for a price bounce!

FLOKI’s trading volume dipped along with its price, indicating a trend reversal
Buying pressure on the memecoin remained high

As a seasoned crypto investor with a knack for spotting trends and making calculated moves, I find myself closely monitoring FLOKI’s recent developments. The memecoin has been on quite a rollercoaster ride lately, dipping in price and volume, yet retaining a significant level of buying pressure.

Similar to many other cryptocurrencies, FLOKI has experienced a significant price drop in the past 48 hours. This recent decline has taken the memecoin to an important support level, which could potentially influence its trajectory moving forward. So, let’s consider what this development might mean for FLOKI’s immediate objectives now.

FLOKI closes in on a support zone

Last week, bears had control over FLOKI’s price trend as the memecoin experienced a slight decrease in value. The past 24 hours also showed bearish behavior due to a drop in FLOKI’s price, which was influenced by declines in BTC and ETH prices. At the moment of writing, FLOKi is being traded at $0.0001189 with a market cap exceeding $1.14 billion, placing it among the top 57 largest cryptocurrencies.

Due to the recent decrease in price, about 68% of all FLOKI wallets are currently showing a profit. This is based on data provided by IntoTheBlock. The latest fall in value has caused FLOKI’s price to approach the $0.000110 support level.

Crypto expert Tony, often referred to as ‘Crypto Tony’, recently posted an update on Twitter that could potentially have serious consequences for the memecoin. If the price were to dip below that particular threshold, a substantial portion of the coin’s market value might be lost. Given this, it’s prudent to examine FLOKI’s current situation to estimate if it may approach this critical support level.

Which way is FLOKI heading?

According to AMBCrypto’s interpretation of Santiment’s findings, the trading activity for this meme coin decreased alongside its price. Typically, reduced trading activity indicates a heightened likelihood that the current price trend might shift.

Additionally, we noted an uptick in demand for the token, a positive sign. This trend was further reinforced by a significant decrease in its availability on exchanges, accompanied by an increase in its holdings away from exchanges.

It’s clear that investors are buying FLOKI, as evidenced by the increase in withdrawals from exchanges we’ve seen during the last week.

After examining the data provided by Hyblock Capital, we searched for potential support and resistance levels related to the token. Based on our examination, if a bullish trend reversal occurs, it wouldn’t be uncommon to see FLOKi reaching approximately $0.00013 in the near future.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

If the price of the memecoin needs to climb over that level to sustain its bullish trend, it’s essential. But if prices keep dropping, there’s a chance the token’s value could quickly fall to approximately $0.00009.

2024-09-08 04:07

FLOKI closes in on a support zone

Which way is FLOKI heading?

Read More