FLOKI Price Drop Analysis: Will the Bearish Trend Continue?

2024-04-25 08:17:43

  • The latest price drop could bring the value of FLOKI down to $0.00016.
  • Some calculations and market indicators suggested a trend change.

Floki Inu [FLOKI] The price rested at a decisive level, which could result in a massive bullish rally in the coming days.

However, as market conditions turned bearish, the scenario also took a 180-degree turn for the meme coin as its value fell.

FLOKI Bears have entered

ZAYK Charts, a popular cryptoanalyst, recently published a cheap highlights a bullish pattern that emerged on the meme coin’s 1-day price chart. According to the tweet, a bullish flag pattern formed on the FLOKI chart.

In fact, the meme coin managed to break out of the pattern when its value reached $0.000193. This suggested that the possibility of the meme coin initiating another bullish rally was high.

However, things did not go as planned as the cryptocurrency market turned bearish. According CoinMarketCapIn the last 24 hours alone, FLOKI was down over 9%.

At the time of writing, it was trading at $0.0001845 with a market capitalization of over $1.77 billion.

As the bears rallied, AMBCrypto took a look at Hyblock Capital data to find possible support levels for FLOKI.

According to our analysis, FLOKI liquidation will rise sharply near the $0.00016 and $0.000155 ranges. This range could be crucial support for the meme coin.

A drop below that could see FLOKI touch $0.00013.

Is a trend change possible?

The recent price drop also had an impact on the meme coin’s O-chain measurements. For example, the MVRV index fell slightly after a week of improvement. At press time, the metric had a value of -4.68%.

Network growth has also slowed in recent days, meaning fewer new addresses were created to transfer the token.

However, one of the calculations seemed optimistic. Our analysis of Santiment data revealed that after a massive rally on April 24, FLOKI’s NVT index plunged.

Whenever the metric falls, it indicates that an asset is undervalued, indicating that investors may be witnessing a trend reversal. To check if this outcome is likely to happen, AMBCrypto analyzed FLOKI’s daily chart.

File Floki Inu [FLOKI] Price prediction 2024-25

We found that the MACD showed a bullish advantage in the market. Meme coin’s Chaikin Money Flow (CMF) also registered a rally.

Both technical indicators suggested that FLOKI could turn bullish in the coming days. However, the Money Flow Index (MFI) continued to support the bears as it moved south.

This is an automatic translation of our English version.

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