- FLOKI’s price dropped by more than 28% in the last 7 days
- Few of the indicators hinted at a trend reversal on the charts
FLOKI bears have been dominating the market since last week as the memecoin shed a significant chunk of its market capitalization. In fact, the most recent price decline has pushed FLOKI down to a critical level. If the memecoin manages to test the support, then investors might witness a comeback on the charts.
FLOKI bears are leading
CoinMarketCap’s data revealed that bears pushed the memecoin’s price down by a whopping 28% in the last seven days. In fact, in the last 24 hours alone, the memecoin’s value declined by nearly 3%. At the time of writing, the memecoin was trading at $0.0002054 with a market capitalization of over $1.96 billion, making it the 50th largest crypto.
The declining price action also had a negative impact on its social metrics. AMBCrypto’s analysis of Santiment’s data revealed that FLOKI’s weighted sentiment dropped sharply. This meant that bearish sentiment around the memecoin was dominant in the market.
Additionally, after a spike on 12 June, FLOKI’s social volume also dropped – A sign of its falling popularity.
Source: Santiment
That’s not all though. Chimp of the North, a popular crypto analyst, recently shared a tweet highlighting an interesting development.
As per the tweet, the latest price dip pushed the memecoin’s price down to the critical support zone of $0.00020. This is a critical zone, and if bulls step up their game, then FLOKI might recover from its loss. A bull rally might as well allow the memecoin to reach $0.00035 in the coming days or weeks.
Will FLOKI make a comeback?
AMBCrypto then checked the memecoin’s daily chart to see whether market indicators supported the possibility of a comeback. We found that the memecoin’s price touched the lower limit of the Bollinger Bands. Whenever that happens, it indicates that the chances of a price uptick are high.
Additionally, the Money Flow Index (MFI) also registered an uptick and was heading towards the neutral mark, further hinting at a price hike.
On the contrary, the MACD flashed a bearish upper hand in the market – A sign of trouble for the memecoin.
Source: TradingView
We then analyzed Hyblock Capital’s data to look for possible targets for FLOKI if it manages to kickstart a bull rally. As per our analysis, if FLOKI gains bullish momentum, then the path towards $0.00025 would be clear.
At that point, the memecoin might record a slight correction as liquidations would rise sharply.
Realistic or not, here’s FLOKI’s market cap in DOGE terms
However, if the memecoin fails to test its support at $0.00020, then it might drop to $0.00014.
Here, it’s worth noting that FLOKI recently announced that it is launching its official promotional campaign in Nigeria. This can boost adoption and help propel growth in the coming months.
Source: Hyblock Capital
