Floki Inu (FLOKI) Seems to Be Following a Bearish Pattern That May Signal a Steep Fall

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 token's current sideways movement is a signal that the price will further drop.

A recent analysis by Alan Sanatan suggests that Floki Inu (FLOKI) is displaying a bearish pattern, indicating a potential steep fall in price. According to Sanatan, the token's current sideways movement signals a further price drop.

The analysis highlights that FLOKI has been trading in a bearish pattern since reaching its peak in March 2024. Despite a higher high in June, the token's price has stagnated since then. The token has failed to return to its previous peaks and has instead been trading horizontally, indicating a 'distribution phase' with more sellers than buyers, suggesting a bear market.

This pattern is significant as it coincides with high trading volume during the bullish moves earlier in the year, particularly in February and March, followed by a shift to heavy selling. Recent price action also supports this bearish view, with Floki Inu moving downwards along a descending trendline and failing to break through the resistance levels several times.

Two main zones have been identified to provide substantial support to FLOKI's current price. If the bearish trend continues, the token could retest the $0.00009557 level. Meanwhile, the second support level indicates a possible bottom for FLOKI at $0.00004200. At the time of writing, Floki Inu is trading at $0.0001315, down by 1.18% over the last day.

Another technical aspect confirming this view is the Fibonacci retracement levels. FLOKI has faced consistent rejection at the 0.618 and 0.786 Fibo levels, which are crucial in determining whether the bulls or bears are in control. This pattern of rejection adds to the bearish pressure, and the analysis suggests that Floki Inu may be setting up for a break below the recent range bound action.

With FLOKI primed for a possible crashing, those who haven't cashed out their tokens might want to reconsider their decisions. According to experts, a breakdown of the current support levels could lead to further losses, marking a stark contrast to the earlier high enthusiasm for FLOKI in 2024.