Floki
As FLOKI drops 9%, how long will this key support level hold?
FLOKI, after breaking out of a bullish flag pattern, turned bearish as its value sank by more than 9%.
- The latest price decline might push FLOKI’s value down to $0.00016.
- A few metrics and market indicators hinted at a trend reversal.
Floki Inu’s [FLOKI] price was resting at a crucial level, which could result in a massive bull rally in the coming days.
However, as the market condition turned bearish, the scenario also took a U-turn for the meme coin as its value dropped.
FLOKI bears have entered
ZAYK Charts, a popular crypto analyst, recently posted a tweet highlighting a bullish pattern that emerged on the meme coin’s 1-day price chart. As per the tweet, a bullish flag pattern formed on FLOKI’s chart.
In fact, the meme coin managed to break above the pattern as its value touched $0.000193. This suggested that the possibility of the meme coin initiating yet another bull rally was high.
However, things didn’t go as planned as the crypto market turned bearish. According to CoinMarketCap, in the last 24 hours alone, FLOKI was down by more than 9%.
At the time of writing, it was trading at $0.0001845 with a market capitalization of over $1.77 billion.
Since the bears have stepped up, AMBCrypto took a look at Hyblock Capital’s data to find the possible support levels for FLOKI.
As per our analysis, FLOKI’s liquidation would rise sharply near the $0.00016 and $0.000155 ranges. This range could be crucial support for the meme coin.
A plummet under that could result in FLOKI touching $0.00013.
Source: Hyblock Capital
Is a trend reversal possible?
The latest price drop also had an impact on the meme coin’s o-chain metrics. For instance, its MVRV ratio dropped slightly after a week-long improvement. At press time, the metric had a value of -4.68%.
Its Network Growth also dropped in the last few days, meaning that fewer new addresses were created to transfer the token.
Source: Santiment
However, one of the metrics looked optimistic. Our analysis of Santiment’s data revealed that after a massive spike on the 24th of April, FLOKI’s NVT ratio sank.
Whenever the metric dips, it indicates that an asset is undervalued, indicating that investors might witness a trend reversal. To check whether that outcome is likely to happen, AMBCrypto analyzed FLOKI’s daily chart.
Read Floki Inu’s [FLOKI] Price Prediction 2024-25
We found that the MACD displayed a bullish upperhand in the market. The meme coin’s Chaikin Money Flow (CMF) also registered an uptick.
Both of these technical indicators suggested that FLOKI might in fact turn bullish in the coming days. However, the Money Flow Index (MFI) continued to support the bears as it went southwards.
Source: TradingView
