• Due to the volatility from the US election, FLOKI dropped by 20%, erasing all gains from October.

  • Key support levels at $0.00012 and $0.00069 may determine future price movements.

  • On-chain indicators show stable accumulation, indicating that prices may rebound soon.

In October, FLOKI's price movement was like a roller coaster. After an impressive performance, the token faced a sharp decline in early November. The volatility from the US election brought uncertainty. As a result, FLOKI dropped by 20%, erasing all gains from October. How long will this pullback last before a recovery begins?

Analyzing FLOKI's pullback

In October, FLOKI hovered around the critical 78.6% Fibonacci level near $0.00012. This level is an important short-term support. Below this level is the April low, which is another key support area that prevented severe sell-offs in August.

These levels can prevent further declines. If Bitcoin (BTC) recovers after the election, a rebound may occur. However, a broader market downturn could push FLOKI down, testing deeper lows. If the current support level is broken, traders should focus on the August lows and $0.00069 as important targets.

On-chain indicators reveal market tension. The average relative strength index shows bears are in control. Additionally, weak On-Balance Volume (OBV) indicates soft demand for FLOKI. Traders must remain cautious, as these indicators suggest a tough battle ahead.

Accumulation indicators suggest potential rebound

Despite recent difficulties, on-chain indicators suggest steady price increases. This trend indicates that a rebound may occur. Currently, market sentiment remains neutral, with both declines and increases in price.

However, the increase in daily active addresses indicates that interest has been rekindled. This surge comes after a trough before the election, suggesting that demand is growing. If this momentum continues above the established support levels, a reversal may occur.

Additionally, the gradual increase in out-of-exchange FLOKI token holdings has contributed to this optimistic outlook. Despite the 20% drop, the selling pressure from exchanges has eased. Since the end of September, FLOKI's availability on centralized platforms has declined.

A decrease in supply may provide the necessary space for recovery. Ultimately, the results of the US election will significantly impact short-term market sentiment and investor reactions to FLOKI. Traders are preparing for potential market changes, with everyone's eyes on the election results.