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FLOKI

Pundit Predicts FLOKI Bounce As Price Holds $0.000155, Here’s The Target

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Floki Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Shiba Inu Enters Buy Zone On The Weekly Chart, AI Predicts 121% Price Surge

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.

Related Reading: Shiba Inu Caught In The Crosshairs Of Binance’s Crypto Delisting Spree

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.

FLOKI price chart from Tradingview.com
FLOKI price reverses | Source: FLOKIUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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