Today, FLOKI has seen a sharp decline as its price currently sits at $0.000151, down 11.99% in the last 24 hours. FLOKI, one of the most popular altcoins, has also declined in value as the overall cryptocurrency market continues to be bearish. The trading volume of FLOKI is $184,475,498, which shows that there is still significant trading activity in the token despite the price drop.
FLOKI Declines further
The FLOKI token has dropped more than 50% since its record high in June, which is typical for the cryptocurrency market. The 4-hour chart reveals that FLOKI is trading above key support levels, with the first support level at $0.00014 and a secondary support zone at $0.00013. These levels are important as they may lead to a bounce back, enabling FLOKI to recover some of the lost ground.
The large sell-off observed in today’s trading session is in line with the overall market correction where Bitcoin (BTC) fell to $62,000, dragging Ethereum (ETH) and other altcoins. This bearish sentiment is evident in the market capitalization that has dropped from $2.35 trillion to $2.26 trillion, which shows that the market is sensitive to sell signals and changes in investor sentiment.
FLOKI technical analysis show token is bearish.
The technical analysis of FLOKI shows that the short-term trend is bearish. The 4-hour chart shows that FLOKI is still trading below its key Exponential Moving Averages (EMA) which supports the bearish outlook. The Relative Strength Index (RSI) at 31.93 shows that FLOKI is in the oversold zone, which means that there is a possibility of a bounce back or a reversal if there is a change in sentiment and more people start to buy the token.
The daily chart of FLOKI/USD indicates a sharp drop with a bounce that corresponds to the higher trading volume. This pattern indicates that although bears are currently in control, the support levels are at $0.00014 and $0.00013 may offer a basis for a possible reversal. If the price is able to sustain these support levels, then a move towards the previous highs may be expected.
Market Trends and Future Outlook
The overall market trends also have a great influence on the price of FLOKI. Since Bitcoin and Ethereum have had significant declines, other meme coins such as FLOKI are also affected. The high trading volume and the sharp drop in the price suggest that some investors are selling.
The first level of resistance to look out for in FLOKI is at $0. 00016, which was further supported by a higher level of resistance at $0.000178. If these levels are violated, FLOKI may look to bounce back towards the $0.00020 level. On the flip side, the first support level is at $0.00014, then the critical support at $0.00013. A breakdown below these levels may result in more losses, which underlines the significance of these levels in defining FLOKI’s short-term trend.
