- FLOKI’s trading volume has decreased along with its price, indicating a trend reversal
- Buying pressure on memecoin remains high
Like most cryptos, FLOKI has also seen a major price correction in the last 48 hours. The memecoin’s latest setback has pushed the token towards a crucial support level, which could decide its future. What does this mean for FLOKI’s short-term goals now?
FLOKI Approaches Support Zone
Last week, bearish markets dominated FLOKI’s charts, with the memecoin’s price dropping slightly. The last 24 hours were also bearish, with the token’s price dropping due to the fall of BTC and ETH. At the time of writing, FLOKi was trading at $0.0001189 with a market cap of over $1.14 billion, making it the 57th largest cryptocurrency.
Due to the aforementioned price drop, only 57,000 FLOKI addresses remained in profit, which represents 68% of the total number of FLOKI addresses, according to IntoTheBlock. dataThe latest price drop pushed memecoin price towards the $0.000110 support zone.
Crypto Tony, a popular crypto analyst, shared a tweet revealing this update. A slide below this level could be disastrous for the memecoin, as it could lose a significant portion of its market capitalization. Therefore, it is worth looking at the state of FLOKI to assess the likelihood of it testing this support level.
Where is FLOKI heading?
According to AMBCrypto’s analysis of Santiment data, the memecoin’s trading volume has been dropping along with its price. Typically, a drop in volume suggests that the chances of a price trend change in the pipeline are high.
Apart from this, we also saw that the buying pressure on the token increased – a bullish signal. This was complemented by the massive drop in its supply on exchanges and the increase in its supply off exchanges.
The fact that investors were buying FLOKI was further proven by the increase in capital outflows over the past week.
Source: Santiment
We then looked at data from Hyblock Capital to look for possible support and resistance areas for the token. According to our analysis, in the event of a bullish trend reversal, it would not be surprising to see FLOKi touch $0.00013 in the coming days.
Realistic or not, here it is FLOKI Market Cap in BTC terms
Given that liquidations would increase at this level, it will be crucial for the memecoin to break above this level in order to sustain the bullish rally. However, if the price continues to decline, the token’s price could soon drop to $0.00009.
Source: Hyblock Capital
