End Of The Road For FLOKI? Analyst Predicts 80% Crash For The Shiba Inu Competitor

by

As an experienced crypto analyst, I’ve seen my fair share of price movements in the digital currency market. While FLOKI has been a standout performer this year, with its price more than doubling in 2024, I believe that its current rally could be short-lived.

As a crypto investor, I’ve been closely monitoring the market and have noticed that FLOKI, a Shiba Inu competitor, has been among the top performers in 2024. The coin’s price has more than doubled this year, attracting a significant influx of new investments due to its popularity as a meme coin. However, I must admit that there are concerns about the sustainability of FLOKI’s current market momentum.

FLOKI Poised For A Rally And Then A Dump

Expert’s perspective: The cryptocurrency analyst iMoneyTeam anticipates a potential price drop for FLOKI that may wipe out its recent gains accumulated over the last few months. In a detailed analysis shared on TradingView, iMoneyTeam examines FLOKI’s price trend to forecast future movements. According to the analysis, the coin has entered a “bearish internal structure,” leading to a “pullback” within the chart depicted below.

The meme coin’s price has taken a hit in the month of June, as shown by the noticeable price drop. However, contrary to the typical response where a rebound is anticipated, a crypto expert predicts that this could instead lead to additional declines.

Currently, the analyst finds that the meme coin is experiencing significant buying pressure, which is surprising given that its price has recently breached a downward trendline. Typically, such a development would suggest a bearish outlook. Nevertheless, this bullish pressure might prevent the price from declining further and could potentially lead to a rebound towards new record highs. However, following this potential recovery, challenges may arise for the cryptocurrency.

Multiple Targets For The Meme Coin

According to iMoneyTeam’s forecast, the FLOKI price is predicted to rise before experiencing a crash. The chart indicates a significant increase in price, reaching approximately $0.00044, a nearly 60% surge from the current level. However, following this price hike, the crypto analyst anticipates that FLOKI will encounter a supply zone, triggering a downturn.

If the price begins to drop, the analyst anticipates it could reach a low of $0.00006. This represents an approximately 80% decrease from the current price of $0.00018. However, if the price achieves a new record high at $0.00044 prior to declining, a drop to $0.00006 would equate to a more significant decline of approximately 86%.

The crypto expert doesn’t provide a specific timeframe for when this incident might occur. Nevertheless, based on the chart, the price is predicted to reach a demand area priced at around $0.00006, implying it could potentially mark the floor of the market downturn.

Read More

2024-06-18 09:40