Floki price fell 12.59% last night and 5.77% intraday, continuing the bearish trend. The sudden drop in the memecoin has led to a 17% drop in the past 24 hours. Will the increase in supply and volatility in the memecoin sector lead to a long-term collapse of Floki?

Supply is abundant, Floki retreats from $0.00015:-

With two consecutive bearish candles, the underlying sentiment of Floki has completely turned around. On the daily chart, Floki price action has seen a double bottom reversal from the psychological level of $0.00010 after a 40% drop over 10 consecutive days in early August.

Moreover, the double bottom reversal successfully reclaimed the psychological level of $0.00015. However, the recent crash quickly led to a new negative cycle approaching the psychological level again, close to the bottom psychological support level.

The MACD indicator shows that the moving averages are ready for a bearish crossover as supply pressure increases. Meanwhile, the daily RSI line also showed a sharp downside cross below the 14-day SMA and mid-line.

Dormant Floki Whale Awakes:-

The bearish behavior caused the FLOKI crash as the long-dormant Floki whale wallet linked to the official project team woke up after 2.5 years. The deposit of 15.22 billion FLOKI tokens worth $2.27 million at the time led to a massive supply inflow.

The deposit multiples led to a sharp drop in the FLOKI price as bulls failed to absorb the sudden supply. The wallet was holding Floki tokens that were first released by Floki deployers in early 2022. At the time, the price of Floki was $0.0000307, ​​reflecting huge gains for holders. #加密货币社区 #美联储何时降息？ #ETH收益 #ETHETFsApproved