As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market crashes and subsequent price recoveries. The recent FLOKI price crash has been disheartening, to say the least, but I’m not ready to give up on it yet.
In the ongoing crypto market downturn led by Bitcoin, FLOKI’s value has suffered greatly. While other cryptocurrencies have dropped by 5-20%, FLOKI has experienced a more severe loss, approaching a decrease of over 50% from its all-time high. This dip has brought the price back close to April levels. Nevertheless, there is optimism in the crypto community as one analyst anticipates a potential reversal for FLOKI’s price.
The FLOKI Price Is At A Critical Junction
Based on the analysis of cryptocurrency expert Cryptorphic, the ability of FLOKI’s price to sustain a significant support level is a positive sign for its future performance. This crucial support level is located at $0.000155, a price point that FLOKI has managed to preserve since the recent market downturn. Consequently, this area could potentially serve as a launchpad for a new surge in prices.
A crypto expert notes that FLOKI, the meme coin in question, has experienced significant growth since the beginning of 2024. This period has been particularly bullish for this digital asset, with two major surge in price, the first in March and the second in May. Both of these upward trends culminated in new record highs for FLOKI’s value.
The initial bullish surge caused the FLOKI price to soar by an impressive 162.82%, shattering the prior consolidation phase. This significant price movement took the coin to a record-breaking high of $0.0001851, attained in March 2024. Yet, this was just the beginning for the meme token’s price escalation.
In May 2024, I witnessed an impressive price surge of 154.55% in FLOKI after a correction from its peak in March. This rebound reached a new height at $0.00019760, signaling a bullish confirmation. These developments strengthen the possibility of a third leg-up, potentially propelling FLOKI prices even higher.
How High Can The Price Go?
Based on the analysis, Cryptorphic indicates that the bullish trend currently prevailing in the market serves as evidence of an impending rally. Consequently, the crypto expert is optimistic about FLOKI’s potential for further growth, suggesting a possible doubling of its price from the current level.
The initial goal for the analyst is a 117.71% rise, following the downward trend from the previous two significant price surges. Reaching this objective could cause the price to surge by approximately $0.00032, bringing it closer to its all-time high of $0.0003462 on June 5.
As a crypto analyst, I’ve identified a potential rally for this meme coin based on various technical indicators. However, it’s important to note that there are always possibilities where this prediction may not hold up. If the coin experiences a breakdown and closes below the support line of $0.000155, its bearish outlook could become a reality.
At present, the FLOKI token is stabilized at a price of $0.00016 following a significant decline of over 44% within the past month. Notably, there’s been a 15% increase in its daily trading volume over the last day, indicating renewed enthusiasm towards this meme coin.
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2024-06-29 07:11