Floki Inu (FLOKI) experienced a significant price drop of 9.94% in the last 24 hours, driven by bearish technical developments and market sentiment. While a potential rally remains possible, FLOKI's price could continue its downward trajectory towards key support levels.
has seen a substantial drop, declining by 9.94% in the last 24 hours. With new technical developments and prevailing data supporting a bearish outlook , the memecoin could continue its downward trajectory.
However, it’s important to consider that FLOKI’s downturn is not fully confirmed, leaving room for a potential rally. AMBCrypto provides an in-depth analysis to explain this.This pattern is characterized by a significant price drop followed by a consolidation phase, during which the price fluctuates within a narrow range as it trends upward, before a sharp downward break.
This decline typically occurs after the price hits the major resistance line of the channel, and breaches through the support. FLOKI was trending toward the support region of the channel at press time.The initial target for FLOKI is the bottom of the channel, currently at 0.00009585. Should the pattern replicate its previous major downward move prior to consolidation, FLOKI could potentially fall further to reach 0.00005373.has reported a significant outflow of FLOKI, particularly notable on Binance, which saw an outflow of $2.06 million worth of FLOKI in the last 24 hours.Such a negative netflow typically leads to a supply squeeze, as the limited availability of FLOKI could drive demand higher, subsequently pushing up its price.
This significant drop indicates a strong bearish outlook among traders, which could potentially undermine the effects of the current supply squeeze.Given this momentum, the memecoin is likely to revisit the channel’s starting point at $0.00009585. If the current market sentiment persists, it could further precipitate a drop to the channel’s lower target.After losing his DOGE tokens due to a limited understanding of blockchain technology, Dolapo vowed to understand and explore its vast potential.
FLOKI Floki Inu Cryptocurrency Bearish Outlook Price Drop Technical Analysis
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