Like most cryptos, FLOKI also witnessed a price correction. This latest setback pushed the token down to a crucial support level...
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?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.
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’srevealing 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.
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.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.
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.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.
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