Similar to many other cryptocurrencies, FLOKI experienced a substantial price correction in the past 48 hours. The meme coin’s recent downturn brought its value to a critical support level that could determine its future trajectory. So, what implications does this hold for FLOKI’s short-term price targets?
FLOKI Nears a Support Area
The market saw bears exerting dominance over FLOKI’s charts last week as the meme coin’s price experienced a slight decline. The past 24 hours continued this bearish trend as FLOKI’s value dropped alongside BTC and ETH. Currently, FLOKI is trading at $0.0001189 with a market capitalization exceeding $1.14 billion, positioning it as the 57th largest cryptocurrency.
Following the recent price dip, only 57k FLOKI addresses remained profitable, representing 68% of all FLOKI addresses according to data from IntoTheBlock. The latest decline nudged the meme coin’s value towards the $0.000110 support region.
Renowned crypto analyst Crypto Tony highlighted this development in a recent tweet. A breach beneath this level could be detrimental for FLOKI, posing a threat to a significant portion of its market capitalization. Hence, closely monitoring FLOKI’s status is advisable to gauge the likelihood of it testing this support threshold.
What Direction Will FLOKI Take?
Through CryptoCrypto’s examination of Santiment’s data, it was observed that FLOKI’s trading volume declined in tandem with its price. Typically, a volume reduction indicates a higher probability of a shift in the prevailing price trend.
In addition, an increase in buying pressure on the token was noted – a bullish sign. This was reinforced by a substantial decrease in FLOKI’s supply on exchanges and a rise in its off-exchange supply.
The surge in exchange outflows over the past week further confirmed investor interest in FLOKI.
Hyblock Capital’s data was then consulted to identify potential support and resistance levels for the token. Based on our analysis, a bullish trend reversal could propel FLOKI to around $0.00013 in the near future.
Given that liquidations might escalate at this level, surpassing it is vital for FLOKI to sustain its bullish momentum. Conversely, if the price continues to decline, FLOKI’s value could swiftly drop to $0.00009.