- Breaking through a certain level may push FLOKI’s price down to or even below its August low of 0.00009585
- Technical indicators pointed to further declines, with the MACD notably forming a death cross
As a seasoned crypto investor with scars from bull and bear markets alike, I must admit that FLOKI’s current trajectory leaves me feeling somewhat like a rollercoaster rider bracing for a sharp drop – or perhaps more accurately, a free fall. The recent downward spiral, particularly the 19.95% loss over the past month, has left me with a sense of déjà vu.
Recently, FLOKI has experienced substantial losses across different time frames. Specifically, it dropped by approximately 19.95% in the last month, while also experiencing a decline of around 12.13% over the past week and a decrease of 2.27% each day.
If the previous strong support point, which used to trigger buying activity, can no longer hold up the market momentum, it might lead to an even stronger downtrend for FLOKI. Interestingly, past occurrences indicated that FLOKI should have risen more significantly rather than showing this current trend.
FLOKI’s price action contingent on key support level
Initial predictions for FLOKI anticipated a positive surge towards approximately $0.00021116, following a breakout from a downward trending chart pattern, which is often indicative of an upcoming bullish trend.
Yet, with the crypto market experiencing a slump, FLOKI followed suit and decreased as well. Currently, it is nearing a significant support level at $0.0010932 – a zone that was earlier where the downward trendline was broken.
In my research, I’ve noticed that reaching a particular support level has historically led to substantial rallies, as evidenced by the events on 6th March and 13th April. On these two instances, the price of FLOKI experienced impressive surges, increasing by approximately 185.34% and 217.59% respectively, following each touch of this support level.
If this support doesn’t sustain, FLOKI could experience a drop towards two significant levels: First, approximately $0.00009585, which was last reached on August 5th and might continue down to $0.00009112, representing the lowest point for FLOKI since March 5th.
Can FLOKI’s price drop further?
As an analyst, I’ve been closely examining the market trends for FLOKI, and based on my analysis of technical indicators, it appears there could be a possible decline in its price. Two key indicators that have caught my attention are the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO). Both of these tools suggest a potential downward movement for FLOKI.
In simpler terms, when the Moving Average Convergence Divergence (MACD) line, represented by blue, drops beneath the Signal Line (orange), which is usually orange, and continues into more negative values, this could suggest an intensifying trend of sellers overpowering buyers, as interest in buying decreases.
Moreover, AMBCrypto’s examination of the altcoin suggested a change in bearish trending momentum. It’s important to mention that this analysis took into account the coin’s recent price fluctuations against broader long-term market tendencies.
If the current downward trend persists, the AO might fall below zero, indicating a possible drop in FLOKI’s price towards the earlier-mentioned price levels.
To offset possible declines, an increase in demand or purchasing power might be required, which could potentially originate from outside influences. This surge in demand should help drive the market back upward.
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2024-09-01 19:03