FLOKI, a Shiba Inu competitor, has seen significant growth in 2024, with its price more than doubling in value. This surge in price has attracted a wave of new investments into the meme coin, propelling it to new heights in the market. However, amidst this bullish trend, one analyst has raised concerns about the sustainability of FLOKI’s growth, predicting a looming price crash for the altcoin.
The analysis conducted by crypto analyst iMoneyTeam suggests that FLOKI has entered a bearish phase within its internal structure, signaling an impending price correction. Despite the current bullish pressure on the meme coin, the analyst anticipates a further pullback in price before a potential recovery towards new all-time highs. This prediction is based on the observation of a supply zone that could trigger a significant decline in FLOKI’s price.
According to iMoneyTeam’s analysis, FLOKI’s price is expected to experience a short-term recovery, potentially reaching as high as $0.00044 before encountering resistance at a supply zone. Following this, the analyst foresees a sharp decline in price, with FLOKI plummeting to as low as $0.00006. This anticipated crash would represent a substantial 80% – 86% decrease from the coin’s current value, posing a significant risk to investors.
The prospect of a price crash for FLOKI raises concerns for existing investors and those considering entering the market. The uncertainty surrounding the timing of the crash adds to the challenge of predicting the coin’s future performance. While the current bullish momentum may provide temporary support for FLOKI’s price, the looming supply zone could trigger a rapid downturn, erasing recent gains.
The analysis of FLOKI’s price movement presents a cautionary tale for investors in the cryptocurrency market. While the coin’s rapid growth has captured the attention of many, the underlying structural weaknesses highlighted by iMoneyTeam’s prediction suggest a challenging road ahead for FLOKI. As traders navigate the volatile landscape of meme coins, it is essential to approach investments in FLOKI with caution and a thorough understanding of the potential risks involved.