Crypto analyst Cryptorphic sees potential for another FLOKI price rally.
FLOKI maintains critical $0.000155 support level, indicating possible bullish trend.
The recent crypto market collapse, which Bitcoin is driving, has had a significant negative impact on the FLOKI price.
While several cryptocurrencies have witnessed drops of 5–20%, FLOKI has fallen by more than half of its peak, returning to April levels. This decline, though, might not last long because a cryptocurrency expert believes the meme coin’s value may recover.
One encouraging indication is that FLOKI has held onto its $0.000155 support level, claims cryptocurrency analyst Cryptorphic. Because this support level has held steady in the face of the price decline, a price rally may be able to bounce off of it.
Source: Trading View
Noting that the token has had a bullish year with two significant price gains in March and May that both led to new all-time highs, Cryptorphic examines the meme coin’s performance since the start of 2024.
After shattering a consolidation pattern, the FLOKI price increased 162.82% over the first bullish leg in March and finally hit $0.0001851. Though it was a new high for the coin, this was not the end.
FLOKI saw yet another notable rise in May, increasing 154.55% from its March highs to reach $0.00019760, therefore confirming yet another upward run. These moves point to a third leg-up, which would push the price to previously unheard-of levels.
Cryptorphic claims that the market’s continuous positive mood is proof that a rally is about to happen. The expert thinks FLOKI may be getting ready for another big price rise, maybe doubling from where it is now.
The first goal is a 117.71% rise, which may push the price to $0.00032, which is near to its all-time high of $0.0003462 from June 5.
Potential Risks and Market Data
Risks exist, though, as with any analysis. If a breakdown and subsequent close below the $0.000155 support line invalidate the anticipated rise, FLOKI’s prospects could worsen. The current price of FLOKI is about $0.0001679, down 2.02% in the last 24 hours and 2.09% over the previous seven days, according to CoinMarketCap.
Earlier, CNF reported on a trader with the address of 0x403 who had staked 14 billion FLOKI tokens, or $2.36 million. This large investment shows that, in spite of the present negative tendencies, the coin has promise for the future.
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