End Of The Road For FLOKI? Analyst Predicts 80% Crash For The Shiba Inu Competitor
June 18 2024 - 2:30AM
NEWSBTC
Shiba Inu competitor FLOKI has been one of the best performers this
year and continues to maintain a high level in the market. Its
price has more than doubled in 2024, prompting an influx of new
investments into the meme coin. However, as investors throw money
at FLOKI, one analyst expects this increase to be short-lived,
predicting a massive price crash for the altcoin. FLOKI Poised For
A Rally And Then A Dump Crypto analyst iMoneyTeam has predicted a
dump for the FLOKI price that could erase all of the meme coin’s
gains from the last few months. The analysis, which was posted on
the TradingView platform, tracks the movement of FLOKI over the
last few months in a bid to predict where the price is headed next.
As the crypto analyst explains, the price has reached a “bearish
iCH” in the internal structure, which has created “an internal
pullback,” depicted on the chart below. Related Reading: Shiba
Inu’s Shibarium Sees Triple-Digit Surge Across Major Metrics,
What’s Going On? This is evident in the price pullback that has
rocked the meme coin in the month of June so far. However, where a
recovery is usually expected for an asset in this situation and a
continuation of the rally, the crypto analyst believes that it is a
setup for further pullback. For now though, the analyst identifies
that there is still a lot of bullish pressure on the meme coin.
This comes even as its price has broken a trend line, which would
usually be bearish. But in this case, the bullish pressure could
help the price hold its position. From here, there could be a
recovery in price toward new all-time highs. However, after this is
when the real problem begins for the cryptocurrency. Multiple
Targets For The Meme Coin Going by iMoneyTeam’s prediction, before
the FLOKI price will crash, there will be an increase in price. The
chart shows a recovery to as high a $0.00044, which is an almost
60% increase in the meme coin’s price at the time of this writing.
However, following this, the crypto analyst expects the Shiba Inu
competitor to hit a supply zone, which will begin its decline.
Related Reading: Ethereum Foundation Moves $64.4 Million Worth Of
ETH, Is This A Dump? Once the price starts to fall, the analyst
expects the price to fall to as low as $0.00006. Now, from the
current price of $0.00018, it would mean an 80% decline in price.
However, if the price does hit a new all-time high price of
$0.00044, as the analyst predicts before falling, then a crash to
$0.00006 would mean an 86% decline. In terms of when this could
happen, the crypto analyst does not give a timeline of events.
However, the chart shows that the price would hit a demand zone
around $0.00006, which would suggest that would be the bottom for
the crash. Featured image from Asia Crypto Today, chart from
Tradingview.com
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