- FLOKI’s trading volume dipped along with its price, indicating a trend reversal
- Buying pressure on the memecoin remained high
Like most cryptos, FLOKI also registered a major price correction over the last 48 hours. The memecoin’s latest setback pushed the token down to a crucial support level, one which could decide its future. What does this mean for FLOKI’s short-term targets now?
FLOKI closes in on a support zone
Market bears dominated FLOKI’s charts last week as the memecoin’s price fell marginally . The last 24 hours were also bearish as the token’s price fell on the back of BTC and ETH falling. At the time of writing, FLOKi was trading at $0.0001189 with a market capitalization of over $1.14 billion, making it the 57th largest crypto.
Owing to the aforementioned price decline, only 57k FLOKI addresses remained in profit, accounting for 68% of the total number of FLOKI addresses, according to IntoTheBlock’s data. The latest price drop pushed the memecoin’s price down toward the $0.000110 support zone.
Crypto Tony, a popular crypto analyst, shared a tweet revealing this update. A slip under that level might be disastrous for the memecoin, as it might lose a significant amount of its market cap. Hence, it’s worth looking at FLOKI’s state to assess the likelihood of it testing this support level.
Which way is FLOKI heading?
As per AMBCrypto’s analysis of Santiment’s data, the memecoin’s trading volume dropped along with its price. Usually, a drop in volume suggests that the chances of the ongoing price trend changing are high.
Apart from that, we also found that buying pressure on the token increased – A bullish signal. This was supplemented by the massive drop in its supply on exchanges and the rise in its supply outside of exchanges.
The fact that investors were buying FLOKI was further proven by the spike in exchange outflows over the past week.
Source: Santiment
We then took a look at Hyblock Capital’s data to look for possible support and resistance zones for the token. According to our analysis, in case of a bullish trend reversal, it won’t be surprising to see FLOKi touch $0.00013 in the coming days.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Since liquidations would rise at that level, it’ll be crucial for the memecoin to go above that level in order to maintain the bull rally. However, if the price continues to fall, then the token’s price might plummet to $0.00009 soon.
Source: Hyblock Capital
