FLOKI, a Shiba Inu competitor, has seen significant growth throughout the year, with its price more than doubling in 2024. This surge has caught the attention of many investors who have flocked to the meme coin. However, crypto analyst iMoneyTeam has a different outlook on the future of FLOKI, predicting a massive price crash for the altcoin. According to their analysis posted on TradingView, the internal structure of FLOKI has entered a “bearish iCH,” indicating an impending pullback in price.
Despite the recent price pullback in June, there is still a considerable amount of bullish pressure on FLOKI. This bullish sentiment has allowed the meme coin to break a trend line and potentially hold its position. Although a recovery towards new all-time highs is possible in the short term, the analyst warns that this could be setting the stage for a more significant price decline.
Predicted Price Movements
iMoneyTeam anticipates that FLOKI’s price will experience a temporary recovery, possibly reaching as high as $0.00044, representing a nearly 60% increase from the current price. However, this upward momentum is expected to be short-lived as the meme coin approaches a supply zone that will trigger a significant decline. The analyst foresees FLOKI plummeting to as low as $0.00006, resulting in an 80% to 86% drop from the predicted high.
While the crypto analyst has not provided a specific timeline for when this price crash could occur, the chart indicates that FLOKI’s price will eventually hit a demand zone around $0.00006. This level is expected to serve as the bottom for the crash, suggesting that investors should brace themselves for a substantial correction in the near future.
Despite FLOKI’s impressive performance so far this year, the future looks uncertain as analysts predict a sharp decline in price. Investors should exercise caution and closely monitor market developments to make informed decisions regarding their investments in FLOKI. While short-term gains are possible, the long-term outlook for the Shiba Inu competitor appears to be fraught with significant risk.
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