With the present crypto market crash being spearheaded by Bitcoin, the FLOKI worth has taken a major hit. The place others have seen between 5-20% decline, FLOKI has misplaced greater than half of its all-time excessive worth, driving again downward towards April ranges. Nevertheless, this can be short-lived as a crypto pundit has predicted a attainable turnaround within the meme coin’s worth.
The FLOKI Worth Is At A Vital Junction
In response to crypto analyst Cryptorphic, the truth that the FLOKI worth has been capable of keep an necessary assist degree bodes properly for it going ahead. This assist degree is the $0.000155, which the meme coin has managed to carry following the worth crash. This has made it a attainable bounce level for a worth rally.
The crypto analyst additionally factors towards the meme coin’s efficiency because the 12 months 2024 started, which has been fairly a bullish 12 months for FLOKI. Up to now, it has had two main bullish leg ups, each in March and Could of 2024 and every ending in a brand new all-time excessive.
The primary bullish leg had seen the FLOKI worth rise 162.82% after breaking a consolidation sample. This break noticed the worth attain $0.0001851 ultimately in March 2024, which was a brand new excessive. Nevertheless, that was not the tip for the meme coin.
In Could 2024, the FLOKI worth rose 154.55% after a worth correction from its March highs to hit one other excessive. This second leg-up peaks at $0.00019760 following its bullish affirmation. These lend credence to a attainable third leg up, which the analyst says may drive it towards new highs.
How Excessive Can The Worth Go?
Within the evaluation, Cryptorphic factors to the continued bullish sentiment out there as proof {that a} rally could be within the nook. Given this, the crypto analyst believes that the FLOKI worth may very well be gearing up for an additional leg-up that would see the worth additionally double from right here.
The primary goal for the analyst is a 117.71% enhance, going with the descending common from the final two main leg-ups. If this occurs, the worth may bounce as $0.00032, shifting near its June 5 all-time excessive worth of $0.0003462.
Nevertheless, like with any evaluation, there are eventualities through which the anticipated rally may very well be invalidated. On this case, the crypto analyst explains {that a} breakdown and subsequent shut under the assist line of $0.000155 may flip the meme coin’s prospects bearish.
Presently, the FLOKI worth is holding at $0.00016 after struggling an over 44% crash in a single month. As for its each day buying and selling quantity, it’s up 15% within the final day, suggesting a return of curiosity within the meme coin.
Featured picture created with Dall.E, chart from Tradingview.com
