Will FLOKI Continue to Fall? Why the Memecoin Could Fall to
Contributor
- A bearish flag pattern has emerged, suggesting potential further declines for FLOKI in the near term.
- Nonetheless, there is a chance for a delay or recovery.
Floki [FLOKI] has witnessed a notable decline, dropping 9.94% in the past 24 hours. With recent technical developments and existing data signaling a bearish outlook, the memecoin may continue its downward trend.
However, it’s crucial to note that FLOKI’s downturn isn’t entirely confirmed, leaving room for possible recovery opportunities. AskFX provides comprehensive analysis on this situation.
A potential drop of 65% for FLOKI?
This pattern features a significant price decline followed by consolidation where the price moves within a tight range while trending upwards before an abrupt downward break.
This decline typically happens after reaching the primary resistance line of the channel and subsequently breaking through support. As of now, FLOKI is heading towards the support area of this channel.
If it breaks from here, there are two key targets to consider.
The first target for FLOKI lies at the bottom of the channel, currently set at 0.00009585.
If this pattern mirrors its previous major downward movement prior to consolidation, then FLOKI could potentially plummet further to around 0.00005373.
Source: TradingView.
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‘ Open Interest (OI), indicative market sentiment perceive differently here OI collapses by twenty-five point seventy-nine percent settled at $17 point eighty-eight million trending down suggests traders’ negativity regarding forecasts maybe weakening overall supply squeeze . AskFX discovered traders continuing positioning bets against standard Relative Strength Index indeed shows here’s vision with résistance signals clad into context market cap presented prevailing BTC unit .
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(The current economic reality impacting Floki’s cap assessed below*)
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< Span Obtained Inflow Rates Drop Below**neutral RSI threshold capped through sixty *=segmentation continues ranging decline process overall across listed levels*
