With the current crypto market crash being spearheaded by Bitcoin, the FLOKI price has taken a significant hit. Where others have seen between 5-20% decline, FLOKI has lost more than half of its all-time high value, driving back downward toward April levels. However, this may be short-lived as a crypto pundit has predicted a possible turnaround in the meme coin’s price.
The FLOKI Price Is At A Critical Junction
According to crypto analyst Cryptorphic, the fact that the FLOKI price has been able to maintain an important support level bodes well for it going forward. This support level is the $0.000155, which the meme coin has managed to hold following the price crash. This has made it a possible bounce point for a price rally.
The crypto analyst also points toward the meme coin’s performance since the year 2024 began, which has been quite a bullish year for FLOKI. So far, it has had two major bullish leg ups, both in March and May of 2024 and each ending in a new all-time high.
The first bullish leg had seen the FLOKI price rise 162.82% after breaking a consolidation pattern. This break saw the price reach $0.0001851 eventually in March 2024, which was a new high. However, that was not the end for the meme coin.
In May 2024, the FLOKI price rose 154.55% after a price correction from its March highs to hit another high. This second leg-up peaks at $0.00019760 following its bullish confirmation. These lend credence to a possible third leg up, which the analyst says could drive it toward new highs.
How High Can The Price Go?
In the analysis, Cryptorphic points to the ongoing bullish sentiment in the market as proof that a rally might be in the corner. Given this, the crypto analyst believes that the FLOKI price could be gearing up for another leg-up that could see the price also double from here.
The first target for the analyst is a 117.71% increase, going with the descending average from the last two major leg-ups. If this happens, the price could jump as $0.00032, moving close to its June 5 all-time high price of $0.0003462.
However, like with any analysis, there are scenarios in which the predicted rally could be invalidated. In this case, the crypto analyst explains that a breakdown and subsequent close below the support line of $0.000155 could turn the meme coin’s prospects bearish.
Currently, the FLOKI price is holding at $0.00016 after suffering an over 44% crash in a single month. As for its daily trading volume, it’s up 15% in the last day, suggesting a return of interest in the meme coin.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link
