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Instead of following yesterday’s 12% price rally, the FLOKI price is on a complete U-turn, as it declined earlier in the day. FLOKI took a major decline as its price dropped from $0.0002846 to the current value of $0.0002646. The drop came as a sudden surprise as the earlier DWF labs investment announcement should have favored the gains for this meme coin. Instead, the price continued on the downtrend initiated earlier after setting the week high.
In this blog, let us discuss why the FLOKI price is declining and what is coming next.
Analyzing The FLOKI Price Performance
FLOKI is on a similar trend as of March, where its price surged to $0.0002964, the best it had in two years. However, the surge didn’t last long, and the price dropped throughout April. But with recovery in market conditions, FLOKI attempted the same and rose even higher to $0.0003085 before declining today.
This decline comes after the stock market tumbled, which had a significant impact on the crypto industry as well. A few assets, including the FLOKI, faced a sudden decline despite the greedy sentiments of the market.
Amid all these declines and barriers, FLOKI has maintained its position in the crypto market and is the sixth biggest cryptocurrency with a market cap of $2.52B. As for now, the 24-hour trading volume is at $659.92M, still rising after the 16% hike. This continuous surge in network activity might help the FLOKI price to regain upward momentum.
What’s Coming Next For FLOKI?
Though the FLOKI price is on the decline, the technical indicators have a different story to tell. Mainly, FLOKI is in the buying zone due to the DWF lab’s $12 Million Investment plans in the FLOKI. This single announcement has increased the buying pressure on this meme coin, as the organization has planned to help the FLOKI with liquidity and support its upcoming expansion plans.
DWF LABS TO PURCHASE $12,000,000 IN FLOKI TOKENS TO SUPPORT THE FLOKI ECOSYSTEM
As a testament to its unwavering support for the #Floki Ecosystem, DWF Labs will purchase $12,000,000 in $FLOKI tokens. A portion of the tokens will be acquired from the market, and the rest will be… pic.twitter.com/z2kHiUgAdc
— FLOKI (@RealFlokiInu) June 4, 2024
The simple and exponential moving averages at all the levels are in the strong buying zone. Favoring the same Moving Average Convergence Divergence (MACD) level is also in the buying zone. Moreover, the Relative strength index data is above 60, indicating the upcoming price surge for the meme coin.
With the new investment and the bullish technical signs, FLOKI Inu might succeed in a quick recovery once the overall crypto market lifts.
Continue Reading 4 Most Promising Cat-Themed Meme Coins To Buy Today
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