Floki Price Prediction as FLOKI Drops 7.5% – What’s Going On?

Simon Chandler

Last updated:

March 22, 2024 08:03 EDT

| 3 min read

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 Price Prediction as FLOKI Drops 7.5% – What’s Going On?.

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.

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 among traders, and should push back up quickly as the market regains some impetus.

This could happen sooner than some bears may think, with the market preparing for the next Bitcoin halving, while also looking forward to the possibility of Ethereum ETF approvals.

Such factors could help precipitate a bull market in the next few months, with FLOKI benefitting more than other alts due to its status as a volatile meme token.

In terms of fundamentals, there’s also the upcoming Floki 2024 roadmap release, which is actually happening today.

This release could help prompt another little rally for FLOKI, although it’s possible that its spike earlier this morning is the only response will see to the roadmap today.

Regardless, the Floki price should...

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