Floki Inu Price Drops 50% From ATH: Will It Recover Any Time Soon?

FLOKI, the popular dog-themed meme coin, has impressed its investors with its earlier gains, rising to an all-time high of $0.0003462 on June 5. However, this surge did not last long as the price dumped almost immediately and has bagged a 51% drop since then. At the time of writing, the FLOKI price is $0.0001691 and has continuously declined for days.

The price has dropped 11% in the last 24 hours and is at the lowest point of the month. Along with that, the market capitalization is also down to $0.0001691. In contrast, the 24-hour trading volume is at $309,291,946 after a 41% surge, hinting at the slight chances of recovery.

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What Do The Technical Indicators Say About FLOKI Price?

FLOKI has been quite bullish in the earlier weeks, but that has turned 180 degrees now as the bearish signals dominate the other. The Relative Strength Index (RSI) is 34.11, an indication of bearish behaviors among the holders. Earlier, the same was in higher value because of the overbuying of the meme coins. Now, it is in the overselling zone based on the Stochastic(20,3) and Williamson%R(14). On the other hand, MACD (12,26,9) is in the neutral zone.

Speaking of the bears, the moving averages on all the day intervals of 5,10,20,50,100 signals at the complete bearish zone with an exception on the 200-day scale.

Will FLOKI Price Recover Soon?

iMoneyTeam, a crypto analyst, has predicted a big dump in the FLOKI price, which could vanish all the gains made in the previous month. As per his analysis, the FLOKI charts have entered bearish iCH, which might create an internal pullback.  The prediction concludes with an 80% decline, bringing the value down to $0.00006.

However, he also spoke of a recovery first, which can push it as high as $0.00044 with a 60% gain. Some other crypto analysts, including DMT, predicted a rebound once the FLOKI price reached the bottom.

Target Hit 🎯$FLOKI @RealFlokiInu

Buying some here, seems oversold and holding a new uptrend at ATHs

One of the strongest meme charts out there and it’s a top 3 crypto in the gaming category rn

$0.0006 comes next imo 📈 pic.twitter.com/0PNWsi4Shn

— TraderSteve_ (@TraderSteve_) June 17, 2024

The FLOKI price has slowly begun to upsurge, and a minor recovery can happen, but the possibility of a big rally instantly is uncertain. The technical indicators and moving averages talk of the bear as of now. Once this meme coin follows the bulls, an uptrend might follow, as predicted by the analysts.

Continue Reading 4 Signs of A Bullish Phase Amid Market Recovery