- The price of FLOKI has fallen by more than 5% in the last 24 hours.
- Most indicators suggested an imminent trend reversal.
Floki It broke a bullish pattern a few weeks ago and has been generating profits for investors ever since. If the trend continues, it would not be surprising to see memecoin reach new highs soon.
However, bears may enter the game and begin a trend reversal.
FLOKI Investors Benefit
Renowned cryptocurrency analyst World Of Charts recently posted the following: Twitter We reveal FLOKI’s performance after its strong breakout. For context, Memecoin broke out of a bullish pattern in mid-May.
Before the breakout, Memecoin’s price consolidated within a pattern for several weeks.
The good news is that FLOKI is generating 80% gains since the breakout. Thanks to this, most investors were also happy.
AMBCrypto’s take on IntoTheBlock data It turns out that 99% of investors are ‘in the money’. This means their portfolio is environmentally friendly.
But over the last 24 hours the situation has worsened. According to CoinMarketCapThe price of the memecoin has fallen more than 5% over the past day.
At the time of this writing, FLOKI is trading at $0.0003104 with a market capitalization of over $2.96 billion, making it the 40th largest cryptocurrency.
Will the decline continue?
AMBCrypto’s analysis of Sentiment data shows that despite the recent price correction, weighted sentiment remains high. This clearly meant that the surrounding optimistic sentiment was dominant in the market.
Additionally, social volume has increased commensurate with its popularity.
Source: Santiment
Most other on-chain indicators also looked very bullish on memecoin as they hinted at a trend reversal. For example, the MVRV ratio remained in positive territory.
The NVT rate also plummeted.
A falling indicator means that the asset is undervalued, indicating the potential for future price increases.
Moreover, Mimcoin’s network growth has also increased over the past week, which shows that more new addresses have been created to transfer tokens.
Source: Santiment
AMBCrypto’s analysis of memecoin’s daily chart shows that MACD is bullish in the market.
According to Bollinger Bands, the price of FLOKI has been testing well above its 20-day simple moving average (SMA). However, Chaikin Money Flow (CMF) moved south and turned downward.
Source: TradingView
Realistic or not, the following is Market capitalization of FLOKI based on DOGE
If Memecoin continues to lose value over the next few days, investors could see its value fall to $0.00025. This appeared to be true, as liquidations increased rapidly at that level.
On the other hand, if FLOKI shows strength, the price may soon reach $0.00036.
Source: Hiblock Capital