What is the price for FLOKI after 21% discount in a day?
After a long period of consistent decline, FLOKI's price may see further losses in the coming days.
Because pessimism among investors could undermine efforts to stabilize the meme coin.
FLOKI sees the signs of the bear
FLOKI's value may decline as the broader market signals and investors pull back. Similar signals are seen in open interest and the Relative Strength Index (RSI).
FLOKI's open interest experienced a sharp decline, falling by $4 million in one day. This fall marks a significant drop, about one-fifth of the previous total of $20 million. Such a significant reduction in open interest reflects market sentiment.
The rapid decline in FLOKI's open interest suggests that traders and investors are reevaluating their positions. A 20% drop in OI often indicates a drop in speculative activity and confidence, which can have wider implications for property market volatility.
Additionally, FLOKI's RSI failed to breach the neutral line. The RSI is an important momentum indicator, and failure to break above this level is a clear sign that bearish sentiments continue to prevail. This shows that the market is struggling to move higher.
The combination of a significant decline in open interest and a bearish RSI highlights the challenges FLOKI faces in reversing the current trend.
Read more: What are meme coins?
Together, these indicators suggest that bearish signals are dominating the market, and FLOKI may face downward pressure in the near term.
FLOKI Price Forecast: Looking at Key Levels
FLOKI's price has dropped over 21% in the last 24 hours, pulling the meme coin from $0.0001856 to $0.0001459. The altcoin is now close to the last barrier at $0.0001326, it has fallen, which may lead to a fall in the price below $0.0001000.
The signs mentioned above are also not very positive, suggesting that a downturn could happen anytime soon.
Read more: 7 Hot Meme Coins and Altcoins Trending in 2024
On the other hand, if FLOKI's price recovers from $0.0001484, the bearish note may be rejected. This will give meme coin enough incentive to eventually breach $0.0002000 as a support level to recover $0.0001856.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
