The FLOKI token experienced a sharp 20% decline, wiping out all gains accumulated during October. This development occurred amidst the volatile period associated with U.S. elections, which brought significant uncertainty to the market.

Key Support Levels at $0.00012 and $0.00069

Critical support levels at $0.00012 and $0.00069 may significantly influence FLOKI’s next price movements. These levels could provide stabilization if the market remains uncertain. Analysts predict that if Bitcoin (BTC) recovers after the elections, FLOKI could leverage this momentum for a rebound. On the other hand, further overall market declines could push FLOKI to test lower levels, with the support at August’s lows being a key target.

Analysis of FLOKI’s Price Movements

FLOKI’s price action in October resembled a rollercoaster, with the crucial level at 78.6% Fibonacci retracement near $0.00012 serving as an important support. If this level is breached, the next key support is at April’s low. Traders are therefore cautious, closely watching the market’s next steps.

On-Chain Metrics and Market Tension

On-chain metrics suggest that FLOKI remains under pressure. Relative strength indicates a prevailing bearish market sentiment. Adding to this is the weak volume on balance (OBV), signaling low demand for this token. Traders need to remain vigilant and monitor further indicators that could signal a turnaround.

Accumulation as a Possible Reversal Signal

Despite recent struggles, metrics show stable accumulation of FLOKI, which may indicate a potential price rebound. Daily active addresses are increasing, reflecting renewed interest. This uptick follows a pre-election dip and may signal rising demand for the token. If this momentum holds above established support levels, there’s a chance for positive price action.

Declining FLOKI Availability on Exchanges and Election Impact

Another positive factor is the gradual increase in FLOKI tokens held off exchanges, which could reduce selling pressure. The volume of FLOKI available on centralized platforms has been decreasing since the end of September, potentially supporting price growth. However, U.S. election results could be a decisive factor for short-term market sentiment, and traders are closely watching their influence on FLOKI’s outlook.

#memecoin🚀🚀🚀 , #FLOKI? , #MemeCommunity , #CryptoNewss , #flokiwarrior


Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“