Floki Inu (FLOKI) is struggling due to bearish patterns in the market, making buyers nervous. Some forecasts say the price could rise by 220%, Reach $0.00044 by November 26, 2024. However, new research shows that short-term technical signals point in a different direction.
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Crypto analyst Alan Santana has pointed out that the token’s current sideways move could signal further declines. Since peaking in March 2024, FLOKI is caught in a bearish trend and is unable to regain its previous momentum. After a brief rally in June, the price has stagnated, reflecting a shift in market sentiment.
According to Santana, traders should “prepare for the crash” given the current negative market dynamics, based on his research on the memecoin’s price movement.
#Altcoins | #FLOKI
Floki Inu Major Drop Now Upcoming: Prepare for the Crash!
I remember when we successfully traded Floki Inu on the bullish side, it was a beautiful ride, remember? Market conditions have changed.
Note the huge green candles in February 2024, these are about… pic.twitter.com/5OrScWHNeb
— Alan Santana (@lamatrades1111) October 27, 2024
Analysis of current dynamics
Current technical indicators show a worrying trend for Floki Inu. It appears that the token is going through a long consolidation phase, which can be described as a ‘distribution phase’, and the sellers are in charge.
The heavy trading volumes during the previous bullish moves, especially in February and March, have shifted to heavy selling in recent weeks. As of now, FLOKI is trading at $0.0001315, down 1.20% over the past day, and many are keeping a close eye on the key support levels.
Two really important areas of support have developed. Should the bearish trend continue, analysts estimate that FLOKI would retest the initial support level at $0.00009557.
Should that break, the token could fall to a possible low of $0.00004200. For those holding on to their tokens, this situation raises questions about whether it is time to change their position.
Fibonacci levels indicate weakness
Another technical indicator with negative sentiment is the Fibonacci retracement levels. Most importantly, for FLOKI to dominate the market, it must be consistently rejected at the 0.618 and 0.786 levels.
The continued rejection of the prize here indicates that the positive feeling is being crushed. Price action shows that FLOKI will move below its current trading range, also putting more pressure on holders.
Warning for investors
Given these conflicting reports, investors should still exercise extreme caution. Since the near future seems difficult, many predictions indicate that there will be an upward trend and investors could reach a price that could reach $0.00044 by the end of November. However, many traders remain skeptical given the current sentiment.
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The Fear and Greed Index is at 69, which marks a greed level in the market. It is actually what leads to recessions. Over the past month, FLOKI had its green days with 43% and a volatility rate of 7.48%. Before making a decision, it may be wise for individuals looking to enter the market to wait for clearer indications of positive sentiment. When it comes to cryptocurrency, timing can be crucial.
Featured image from Pexels, chart from TradingView
