Floki Inu (FLOKI) Set For Potential Crash: Key Support Levels In Focus
- Floki Inus bearish trend shows a distribution phase, suggesting potential selling pressure and further price drops.
- FLOKIs struggle to surpass resistance and repeated Fibonacci rejections confirm mounting bearish momentum.
- Key support levels at $0.00009557 and $0.00004200 could shape FLOKIs trajectory if the downtrend persists.
Floki Inu (FLOKI) seems to be following a bearish pattern that may signal a steep fall. In the recent X post, Alan Sanatan discussed the current dynamics of FLOKI and claimed that the tokens current sideways movement is a signal that the price will further drop.
The analysis shows that FLOKI has been confined within a bearish pattern since the price reached its apex in March 2024, and the price has stagnated after a higher high in June. Since then the token has been unable to return to its previous peaks and has instead been trading in a horizontal trend. This drawn out consolidation is described as a distribution phase, where there are believe to be more sellers than buyers and hinting at a bear market.
Floki Inu Key Levels
This pattern is a critical aspect of this forecast since there was heavy trading during the bullish moves made earlier in the year particularly in February and March with the subsequent shift to heavy selling. Recent price action also supports this bearish view. Floki Inu has been moving downwards along a descending trendline and has been unable to break through the resistance levels several times.
Two main zones have been identified which may provide significant support to FLOKIs current price. If the bearish trend is to persist , the token would probably retest the $0.00009557. While the second support level shows the possible FLOKI price bottoming out to $0.00004200. As of this writing, Floki Inu has been trading at $0.0001315, down by 1.18% over the past day.
Source: TradingView
Fibonacci Levels Signal Weakness
One more technical confirmation for this view is the Fibonacci retracement level. FLOKI has been consistently rejected at the 0.618 and 0.786 Fibo levels, the levels that define if the bulls are in control or the bears. This pattern of rejection supports the bearish pressure, and the analysis shows that Floki Inu may be on course to break below the recent range bound action.
FLOKI seems to be primed for a possible crashing. For those who have not cashed out their tokens yet, it might be high time to reassess the decisions made. Experts have warned that a breakdown of the current support levels may result in further losses, which is quite a turn from the earlier high submission of FLOKI in 2024.
Read more: https://www.tronweekly.com/floki-inu-floki-set-for-potential-crash-key/
Text source: TronWeekly
