FLOKI, a competitor to Shiba Inu, has seen a significant increase in its price this year, attracting many new investors to the meme coin. However, one crypto analyst has predicted a drastic price crash for FLOKI, which could potentially erase all the gains it has made in recent months.
The analysis, conducted by iMoneyTeam and posted on TradingView, suggests that FLOKI has reached a “bearish iCH” in its internal structure, leading to an internal pullback. This pullback has already impacted the price of the meme coin in June. While a recovery is usually expected after such a pullback, the analyst believes that FLOKI is actually setting up for a further decline.
Despite the bearish indicators, there is still bullish pressure on FLOKI, which has broken a trend line. This bullish pressure could potentially help the price maintain its position and even reach new all-time highs. However, the analyst foresees a significant drop in price after this potential rally.
According to the predictions, FLOKI’s price is expected to increase to around $0.00044, representing a 60% rise from its current price. Following this increase, the meme coin is expected to hit a supply zone, triggering a decline in price. The analyst anticipates that FLOKI could drop to as low as $0.00006, marking an 80% decline from its current price.
While the timeline for this price crash is not specified, the chart indicates that the price could hit a demand zone around $0.00006, suggesting that this could be the bottom for the decline. The analyst’s predictions are based on technical analysis of FLOKI’s price movements and patterns.
In conclusion, while FLOKI has shown strong performance and garnered investor interest, there are concerns about a potential price crash looming in the near future. Investors in meme coins like FLOKI should be cautious and conduct their own research before making any investment decisions in the volatile cryptocurrency market.
