- Floki dropped 14% in 24 hours and 32% this month, approaching a key historical support area.
- A five -week marketing push aims to rekindle the interest in the Metaversse game in Floki in the middle of the price drop.
Floki (Floki) recorded one of the largest market loss in the last 24 hours, down 14% and showing a monthly withdrawal of 32%.
At the same time, the sellers kept firm control of the market. Price action was approaching a long -standing support area, but signs of a bullish overthrow has remained weak.
Many things happen with Floki, and Ambcrypto provides detailed information.
Floki approaches critical support: what is the next step?
Currently, Floki has exchanged a key support area, between 0.00007602 and 0.00007453.
The market analysis revealed that this level of support played a crucial role in the rallys of Floki prices three times, which each time leads to important gains.
Source: tradingView
However, the structure this time is less encouraging. The wider trend remains down and the conviction was eroded on the spot and derivative markets.
History rhymes, but it does not always repeat itself
The open interest, which measures the number of unstable Floki derivative contracts, continued to decrease.
It dropped 17% in the last 24 hours, suggesting a significant decrease in global liquidity on the derivative market.
Source: Coringlass
Ambcrypto noted that Floki’s lower feeling continues to grow, referring to a new drop in prices.
Derivative data point to a low market conviction
The sales pressure seems wide. Accumulation / Distribution (A / D) printed a reading of -6.3 Billions, confirming a dominant output phase.
Source: tradingView
In addition, the parabolic judgment and the reverse (SAR) align with this feeling, because the points were formed above the current price. If more points are formed, this would imply an increase in the sales volume on the market.
Finally, the divergence of mobile average convergence (MacD) has confirmed a model of death of death.
This pattern forms when the MacD blue line crosses the Orange signal line, indicating a probably significant price drop.
Source: tradingView
Will the development activity support the price?
To counter the weakening trend, the Floki team has announced a five -week advertising campaign aimed at promoting their game Metaverse gaming.
In case of success, the effort could revive the interest of users and provide support.
However, without a tangible increase in adoption, the current drop trend may persist – leaving vulnerable support.
