Bitrabo Editorial
Following the general downturn in the cryptocurrency market spurred by Bitcoin, the value of FLOKI has experienced a notable decline. While many other cryptos have seen drops ranging from 5-20%, FLOKI has plummeted by more than half from its peak, regressing to levels last seen in April. Nevertheless, there might be hope on the horizon as an expert in the crypto sphere has projected a potential upturn in the price of this meme coin.
FLOKI Price Holds Crucial Support Level
Notably, the FLOKI price has managed to uphold a critical support level at $0.000155 amidst the recent market turmoil, a factor that bodes well for its future trajectory. This steady maintenance of support signifies a possible foundation for a price recovery.
The analyst also highlights FLOKI’s performance since the onset of 2024, noting two significant bullish surges in March and May of the year. Each of these rallies culminated in a new all-time high for the coin.
The initial surge resulted in a 162.82% price increase after breaking out of a consolidation pattern, driving the price to $0.0001851 in March 2024. Subsequently, another upswing in May 2024 propelled the price by 154.55% to reach $0.00019760, following a bullish confirmation. These past movements indicate the potential for a third upward trend that could push FLOKI to fresh highs.
Projected Price Targets
The current bullish market sentiment is viewed as a precursor to a potential rally by Cryptorphic. The analyst suggests that FLOKI might be on the brink of another upward movement that could potentially double its current value.
The initial target forecasted by the analyst indicates a 117.71% surge, mirroring the average gains from the previous two major surges. Should this materialize, the price could surge to $0.00032, approaching its all-time high of $0.0003462 on June 5.
Nonetheless, it’s essential to recognize that unforeseen factors could invalidate this optimistic outlook. Should FLOKI break down and close below the critical support level of $0.000155, the prospects for the coin could turn bearish.
At present, FLOKI is trading at $0.00016 post a significant 44% decline within a month. Its daily trading volume has surged by 15% in the past day, hinting at renewed interest in this meme coin.