The post FLOKI Inu Eyes 25% Recovery Amid Bullish Market Sentiment, Despite Whale Dumping Risks appeared on BitcoinEthereumNews.com.

Floki Inu (FLOKI) has been one of the most resilient yet volatile memecoins in the crypto market recently. Despite minor gains, FLOKI’s recovery is at a crossroads due to various market dynamics. Heavy liquidations by whale investors are challenging FLOKI’s short-term recovery prospects. Floki Inu (FLOKI) could manage to rebound by 25% if market sentiment takes a positive turn, yet large-scale sell-offs by whale investors could hamper this recovery. Floki Inu (FLOKI) Poised for Potential Upswing Amid Market Shifts Over the past several days, Floki Inu (FLOKI) has experienced a significant downturn, shedding over 20% of its value from $0.0002 to $0.00016. However, the cryptocurrency stabilized around a crucial support level and may now be primed for a recovery. Utilizing a Fibonacci retracement tool, it was observed that the recent price drop settled near the 78.6% Fibonacci level, presenting a potential opportunity for a rebound to the 61.8% level. This conjectured recovery could yield up to a 25% price increase in the short term. Market Indicators Suggest a Bullish Trend Technical analysis underpins this optimistic outlook. The memecoin’s price defended its 20-day Simple Moving Average (SMA), hinting at a bullish reversal. Furthermore, the Chaikin Money Flow (CMF) indicator suggested above-average capital inflows, despite stagnation, which supports the case for an upward momentum. Although the Relative Strength Index (RSI) indicated flat demand at present, fluctuations in open interest rates and increased liquidity in memecoins signal a positive trend for FLOKI, as per data from Coinglass. Whale Activities Impacting FLOKI’s Trajectory Nevertheless, the whales’ actions cannot be overlooked. Data from Santiment highlighted that large holders, primarily those possessing over 1 million FLOKI tokens, have been offloading their assets. This selling pressure by whales could undermine FLOKI’s recovery effort, especially if broader market sentiment remains clouded post-Fed rate decision. Such activities are crucial…

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Filed under: News - @ July 28, 2024 8:10 am