Floki Inu (FLOKI) is a meme coin inspired by Elon Musk’s Shiba Inu dog and named after his future pet. The coin aims to create a vibrant ecosystem of gaming, NFTs, and DeFi products for its community. FLOKI has gained popularity among crypto enthusiasts and celebrities, such as rapper Soulja Boy and NFL star Odell Beckham Jr.
However, FLOKI has not been immune to the recent market correction that has affected most cryptocurrencies. FLOKI price has dropped by more than 50% from its all-time high of $0.00006684 reached on November 4, 2021. At the time of writing, FLOKI is trading at $0.0000033, down by 3.37% in the last 24 hours and 11% in the last 30 days.
Floki Inu Price Technical Analysis
FLOKI price is observing rather negative signs at the moment, with the price indicators all signaling a potential decline in price. The Relative Strength Index (RSI) is in the bearish zone, just under the neutral line at 50.0. This indicates that the sellers have more control over the market than the buyers.
The Moving Average Convergence Divergence (MACD) is also showing a bearish crossover, as the MACD line has crossed below the signal line. This suggests that the downward momentum is increasing and that FLOKI price may face more selling pressure in the near future.
The Bollinger Bands are also widening, indicating that the volatility is high and that FLOKI price may experience sharp movements in either direction. However, since FLOKI is trading below the middle band, which acts as a dynamic support and resistance level, the bias is more towards the downside.
Floki Inu Price Prediction
Based on the current technical analysis, FLOKI price may continue to decline in the short term unless it can break above some key resistance levels. The first resistance level to watch is $0.00003599, which is the 23.6% Fibonacci retracement level of the recent downtrend from $0.00006684 to $0.00003327. A break above this level could signal a reversal and open the doors for more gains towards $0.00003710, which is the 38.2% Fibonacci retracement level.
On the other hand, if FLOKI price fails to overcome the $0.00003599 resistance level, it may resume its downtrend and test the next support level at $0.00003327, which is the swing low of December 13. A break below this level could trigger more losses towards $0.00003000, which is a psychological support level and also coincides with the lower Bollinger Band.
In conclusion, FLOKI price is facing bearish pressure amid a market correction and may continue to decline unless it can reclaim some key resistance levels. FLOKI investors should keep an eye on the price indicators and the market sentiment to gauge the direction of FLOKI price in the coming days.
Floki Inu Price News
Apart from technical analysis, FLOKI price may also be influenced by fundamental factors such as news and events related to the project and the crypto industry. Here are some of the recent news headlines that may have an impact on FLOKI price:
– DogeMiyagi: Unleashing The Meme Coin Craze To Rival Floki Inu And Pepe Coin. This article introduces a new meme coin called DogeMiyagi that claims to offer an exclusive and immersive experience to its members. The article also mentions that DogeMiyagi has partnered with Floki Inu to create a cross-chain bridge between their ecosystems.
– Can Floki Inu Do 10x From Here? Experts Believe It’s Almost Impossible; They Suggest Bagging Pikamoon For Better Gains. This article discusses why it is unlikely for Floki Inu to do 10x from its current price level and suggests that investors should consider buying Pikamoon instead for better returns. The article cites several reasons such as low liquidity, high inflation rate, lack of innovation, and competition from other meme coins.
– Cryptocurrencies Price Prediction: Filecoin, Floki Inu & Ethereum — Asian Wrap 18 May. This article provides a brief overview of the price movements of Filecoin (FIL), Floki Inu (FLOKI), and Ethereum (ETH) in the Asian session on May 18. The article notes that FIL price has survived an SEC attack against Grayscale’s FIL Trust Application, while FLOKI price faces a key barrier at $0.000035 in the form of a 50-day EMA.
