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- The price of FLOKI has seen a substantial decline of over 28% in the past week.
- Some indicators are beginning to suggest a potential trend reversal on the charts.
- Crypto analyst Chimp of the North has pointed out a key support level that could trigger a price recovery.
FLOKI’s price has plummeted recently, but signs of a potential rebound are emerging as it approaches a critical support level. Could this mark the beginning of a comeback?
FLOKI in Bear Territory
According to data from CoinMarketCap, the last seven days have been tough for FLOKI, with its price plummeting by 28%. The downtrend continued over the last 24 hours, dropping an additional 3%. Currently, FLOKI is trading at $0.0002054 with a market cap of approximately $1.96 billion, positioning it as the 50th largest cryptocurrency.
This decline has negatively impacted its social metrics as well. Data from Santiment analyzed by COINOTAG shows a sharp drop in FLOKI’s weighted sentiment, indicating increased bearish sentiment around the memecoin in the market.
Potential FLOKI Rebound?
Further investigation into FLOKI’s daily chart shows promising signs for a potential rebound. The memecoin’s price recently hit the lower boundary of the Bollinger Bands, a technical indicator often used to predict price changes. An interaction with this boundary typically signals a potential price increase.
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Additionally, the Money Flow Index (MFI) has shown an upward trend and is nearing the neutral mark, which further suggests a possible rise in FLOKI’s price.
However, not all indicators are positive. The MACD, a momentum indicator, demonstrates a bearish trend, indicating that downward pressure may continue to affect FLOKI.
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Key Market Insights and Strategies
According to Hyblock Capital’s data, if FLOKI manages to initiate a bullish trend, it could aim for the $0.00025 target. However, this target may bring along a minor correction phase as liquidation events could become more prevalent.
It’s important to note that failing to hold the support level at $0.00020 may lead FLOKI to decrease further to $0.00014. That said, the recent announcement of an official promotional campaign in Nigeria could potentially enhance its adoption and drive growth.
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Conclusion
In summary, FLOKI’s recent price action has been largely bearish, leading to a significant decline in both price and market sentiment. Nonetheless, technical indicators suggest the possibility of a short-term price rebound if it can maintain support at the crucial $0.00020 level. Future movements remain uncertain but could be influenced by FLOKI’s strategic marketing initiatives and broader market trends.
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