FLOKI Price Prediction – 25% gains possible, but ONLY if…
The post FLOKI Price Prediction – 25% gains possible, but ONLY if… appeared on BitcoinEthereumNews.com.
FLOKI could see a 25% recovery rebound if market sentiment improves Whales dumping their holdings could derail this recovery Among the market’s top memecoins, Floki Inu [FLOKI] saw the least price relief in the last 24 hours. FLOKI jumped slightly by 1.5%, alongside PEPE and dogwifhat [WIF], but BONK and Dogecoin [DOGE] rallied by 6% and 4%, respectively. This suggested that the memecoins might not rally equally if the relief rally extends to a new week. What does that mean for FLOKI though? Can FLOKI reverse its recent 20% losses? Source: FLOKI/USDT, TradingView FLOKI lost over 20% of its value between 22 July and 25 July, dropping from $0.0002 to $0.00016. However, the memecoin stabilized near the key support level and could attempt to reverse its losses. A Fibonacci retracement tool (yellow) was placed between its June highs and April lows. Based on the tool, last week’s drop eased near the 78.6% Fib level ($0.00016) and the 20-day SMA (Simple Moving Average). By defending the 20-day SMA, the memecoin seemed poised to climb higher and reverse last week’s losses. If so happens, a 25% potential gain would be feasible if the price hits the next immediate target at the 61.8% Fib level. A strong rebound to the 50% Fib level would tip over 40% recovery gains. Additionally, key price chart technical indicators supported the aforementioned recovery outlook. FLOKI’s capital inflows were stagnant, but above average levels, as shown by the CMF (Chaikin Money Flow). However, the RSI (Relative Strength Index) revealed that the demand was flat as of press time. That being said, the demand dynamic on the spot market could change amidst a surge in open interest rates (OI) in the past 24 hours. As per Coinglass data, liquidity spiked into memecoins on Sunday, and FLOKI recorded significant market interest…
Filed under: News - @ July 28, 2024 7:20 pm