FLOKI, a Shiba Inu competitor, has seen a significant increase in its price this year, leading to a surge in investments in the meme coin. However, one crypto analyst, iMoneyTeam, has warned of a potential price crash for FLOKI, erasing all gains made in recent months. The analysis, posted on TradingView, highlights a bearish iCH pattern in the internal structure of FLOKI, indicating a possible pullback in price.
Despite the current bullish pressure on the meme coin, triggered by a price increase of over 100% in 2024, the analyst predicts a decline in price. This prediction comes at a time when FLOKI’s price has broken a trend line, a typically bearish sign. However, the analyst believes that the bullish momentum may help FLOKI hold its position in the market for now.
The chart analysis by iMoneyTeam shows a potential recovery in price to $0.00044, representing a 60% increase from the current price of $0.00018. Following this recovery, the analyst expects FLOKI to hit a supply zone, leading to a decline in price. The projected drop could see FLOKI’s price plummet to as low as $0.00006, translating to an 80% to 86% decline from the predicted all-time high.
While the analyst does not provide a specific timeline for when the price crash could occur, the chart indicates that FLOKI’s price would reach a demand zone at $0.00006, potentially marking the bottom for the crash. This uncertainty surrounding the timeline adds to the speculation and volatility surrounding FLOKI’s future price movements.
While FLOKI has been a strong performer in the market this year, attracting new investments and experiencing significant price gains, the warning of a potential price crash by iMoneyTeam raises concerns for investors. The analysis highlights key indicators that point towards a bearish trend for FLOKI, emphasizing the importance of thorough research and risk assessment in cryptocurrency investments. Investors should closely monitor the market and consider the potential risks involved in trading meme coins like FLOKI to make informed decisions about their investments.
