As FLOKI drops 9%, how long will this key support level hold?

    The latest price decline might push FLOKI’s value down to $0.00016.
    A few metrics and market indicators hinted at a trend reversal. 

The price of FLOKI tokens by Floki Inu was hovering at a significant point, potentially leading to a strong surge in value within the next few days.

But when the market shifted to a downturn, the meme coin’s value followed suit and declined.

FLOKI bears have entered

A well-known cryptocurrency analyst, ZAYK Charts, recently shared on Twitter an intriguing observation about Floki’s (FLOKI) price chart. According to their post, a bullish flag formation has taken shape in the meme coin’s one-day graph.

The meme coin surpassed its previous trendline when its price reached $0.000193. This signaled a strong likelihood of another bull market for the meme coin.

Despite expecting a positive outcome, the crypto market unexpectedly took a turn for the worse. Specifically, FLOKI experienced a significant decrease of over 9% as indicated by CoinMarketCap within the past 24 hours.

In my current composition, the price was sitting at $0.0001845 and the total market value exceeded $1.77 billion during the point of putting pen to paper.

After the bears became more active, AMBCrypto examined Hyblock Capital’s information to identify potential support points for FLOKI.

Based on our assessment, the value of FLOKI might experience a significant increase in liquidation around the $0.00016 and $0.000155 thresholds. These levels could serve as essential support points for the meme coin.

A plummet under that could result in FLOKI touching $0.00013.

As FLOKI drops 9%, how long will this key support level hold?

Is a trend reversal possible?

The recent decrease in price for the meme coin affected its on-chain metrics as well. For example, its MVRV ratio, which had been improving for a week, now stood at a value of -4.68% at the current moment.

The number of new addresses joining the network and facilitating token transfers has decreased over the past few days, resulting in slower network growth.

As FLOKI drops 9%, how long will this key support level hold?

Despite a promising indication from one metric, Santiment’s data analysis showed that FLOKI‘s NVT ratio took a dip following a significant surge on April 24th.

When the metric drops, suggesting that an asset is underpriced, there’s a possibility of a trend reversal for investors. To assess if this is likely, AMBCrypto examined FLOKI‘s daily price chart.

Read Floki Inu’s [FLOKI] Price Prediction 2024-25

In simpler terms, the MACD indicator indicated a dominant bullish trend in the market for the meme coin, while the Chaikin Money Flow experienced an increase as well.

The two technical indicators indicated that FLOKi could potentially become bullish soon. But contrary to this optimistic outlook, the Money Flow Index (MFI) kept siding with the bears as it moved downward.

As FLOKI drops 9%, how long will this key support level hold?

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2024-04-25 11:17