FLOKI’s recent performance saw a significant drop, leaving investors concerned. However, there’s hope for a potential turnaround if it rebounds from a crucial support level around $0.000172 in the near future.
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While the past week wasn’t favorable for FLOKI holders, there’s optimism that the meme coin could recover from this support zone and show positive movement on its price chart soon.
FLOKI Faces Significant Decline Amidst Bullish Prospects
According to CoinMarketCap data, FLOKI has experienced a substantial decline of more than 22% over the past week, with a further drop of over 4.5% in the last 24 hours. Presently, the meme coin is trading at $0.0001896, boasting a market capitalization exceeding $1.8 billion.
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This negative price movement has understandably affected investor confidence in FLOKI, resulting in a notable decrease in its weighted sentiment. Despite this, the coin’s social volume remains high, indicating sustained popularity within the crypto community.
Source: Santiment
Nevertheless, CryptoBull, a prominent crypto analyst, recently shared a bullish outlook for FLOKI on social media. According to CryptoBull’s tweet, FLOKI has a robust support level around $0.000172. Should the coin’s value reach and successfully test this support zone, it could signal the onset of a bull rally.
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Moreover, a rebound from this support level might propel FLOKI above its previous high in March, a scenario that seemed ambitious yet plausible.
FLOKI’s Potential Bull Rally: Signs of Trend Reversal Emerge
Analysis of Santiment’s data indicates a possible shift in FLOKI’s market dynamics sooner than anticipated. Following a spike, the meme coin’s network to value ratio experienced a significant decrease, suggesting an undervaluation of the asset and raising the likelihood of a price increase.
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Simultaneously, FLOKI’s open interest decreased alongside its price, signaling a potential trend reversal in the near future. Currently, FLOKI’s MVRV ratio stands at -22, a level often associated with trend reversals, further supporting the possibility of a forthcoming bull rally.
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Source: TradingView
However, certain market indicators suggest that FLOKI may first touch its support level around $0.000172 before initiating the anticipated rally. The MACD indicator displays a bearish trend, while the Money Flow Index (MFI) indicates a downtick, hinting at a potential further decline in FLOKI’s value. Should this occur, investors will closely monitor whether FLOKI tests its crucial support level.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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