Floki Inu Price Prediction as $170 Million Trading Volume Comes In – Sharp Drop Incoming?
Despite $170 million in trading volumes coming in on Thursday, the Floki (FLOKI) price has declined 3% to below $0.00020, with some concerned that the meme coin could soon experience a deeper pullback.
Named after Elon Musk’s Shiba Inu dog, Floki is the fifth-largest meme coin by market capitalization. According to CoinMarketCap, the FLOKI market cap was last around $1.84 billion.
A surge in risk appetite in the meme coin sector saw FLOKI post explosive price growth in late February/early March.
Between February 25 and March 14, FLOKI pumped as much as 800%, reaching an all-time high of $0.000313. But it has since dropped back by around 38%.
Major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have been consolidating since early March. This comes as spot Bitcoin ETF optimism fades, as traders digest the news of the SEC investigating the Ethereum Foundation, Fed rate cut bets are pared, and amid profit-taking ahead of the Bitcoin halving.
This loss of momentum in the broader market has caused the meme coin space risk appetite to deflate.
As the deflation continues, Floki’s price drop could be about to go from bad to worse, however.
In the last month, the Floki price has been consolidating within a triangular pennant structure.
Floki is currently threatening to break this pennant structure to the downside. If it does, a short-term retest of $0.00016 support would be on the cards.
A break below here could be when things could get scary. Floki has no major support levels until $0.00007.
So that means losses of potentially as much as 65% from current levels could be on the cards. For investors who bought at the recent high, that could mean losses of as much as 80%.
Of course, many would consider such a dip a great time to add
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