Floki Inu The price of was at a critical level that could start a major bull rally in the near future. However, as market conditions began to decline, a recovery scenario for this meme coin lost value.
FLOKI Bears Are Active
ZAYK Charts, a famous crypto analyst, recently meme coinHe shared a tweet highlighting a bullish formation appearing on the 24-hour price chart of . According to ZAYK Charts, a bullish flag pattern was visible on the Floki Inu chart.
This formation allowed the meme coin to break above the pattern, reaching a level of $0.000193. In this context, it increased the possibility of starting a new bull rally.
However, crypto- Plans changed because the market was in decline. According to CoinGecko data, the value of FLOKI has fallen by more than 9% in the last 24 hours. FLOKI, which currently has a market value of over $1.77 billion, is trading at $0.0001845.
According to analysis by Hyblock Capital, it is possible for FLOKI’s liquidation level to increase sharply between $0.00016 and $0.000155. This range is likely to be a critical support level for meme coin.
If it falls below these levels, it is estimated that FLOKI may drop to $0.00013.
Is a Trend Reversal Possible?
The recent price drop also had an impact on the meme coin’s metrics. For example, the MVRV rate dropped slightly after a week of recovery. At press time, this metric had a value of -4.68%.
Network Growth has also dropped over the last few days. This means fewer new addresses were created to transfer the token.
However, one of the metrics seems optimistic. Analysis of Santiment’s data revealed that FLOKI’s NVT ratio decreased after the big rise on April 24.
Whenever the metric drops, it indicates that an asset is undervalued and investors may witness a trend reversal. In this context, FLOKI’s daily chart was analyzed to check whether this outcome is likely to occur.
MACD shows a bullish trend in the market. Additionally, Meme coin’s Chaikin Money Flow (CMF) also recorded an increase.
Both of these technical indicators showed that FLOKI could move higher in the coming days. However, the Money Flow Index (MFI) continued to support the bears as it moved south.
