Floki Price Prediction as FLOKI Drops 7.5% – What’s Going On?
The Floki price has dived by 7.5% today, sinking to $0.0002272 as the wider crypto market slips by 2% in the past 24 hours.
Today’s loss means that FLOKI is also down by 10% in the past week, although it’s a sign of how strong the coin has been that it holds onto a 23% gain in a fortnight and a whopping 600%.
Such performance suggests that the meme coin remains in the middle of a growth phase, ready to pick up from where it left off once the current correction has ended.
FLOKI’s chart is consistent with pretty much every other major token in the market today, with its indicators continuing to show a loss of momentum.
Its RSI (purple) has declined from nearly 70 yesterday to 50 as of writing, with its direction pointing to further selling pressure.
Likewise, its 30-day moving average (yellow) has flatlined after rising a little this morning, with FLOKI’s price bouncing down from its resistance level (red).
If there’s one thing that’s encouraging it’s that the meme token’s trading volume remains elevated at around $750 million, up from a very lowly $30 million less than a month ago.
This shows how far FLOKI has come in the past couple of weeks, and with liquidity staying high it could easily rebound in the very near future.
The price of $FLOKI increased by ~75% today!
We noticed that whales started unstaking $FLOKI and selling for profits!
6 wallets have unstaked 30B $FLOKI($7.14M) in the past 6 hours and are selling $FLOKI.
Address:https://t.co/llvmSsLbt7https://t.co/us2zSxajOH… pic.twitter.com/yno9dtvxya
— Lookonchain (@lookonchain) March 8, 2024
At the moment, it seems that many whales have been selling, although the start of this month did see some larger withdrawals from exchanges.
In other words, FLOKI is still a popular token
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