While the current cryptocurrency market crash is being driven by Bitcoin, FLOKI price has taken a hit. Where others have seen a 5-20% drop, FLOKI has lost more than half of its record value, falling back towards April levels. However, this could be short-lived, as one crypto expert has. predicted a possible reversal of the price of the coin itself.
FLOKI Price at Critical Turning Point
According to crypto analyst Cryptorphic, the fact that FLOKI price has been able to hold a significant support level bodes well for the future. This support level is $0.000155, which the coin meme managed to hold on after the price drop. This made it a possible rebound point for higher prices.
The crypto analyst also highlights the meme coin’s performance since the start of 2024, which has been quite an bullish year for FLOKISo far, the price has experienced two major bullish phases, in March and May 2024, each ending with a new all-time high.
The first upward leg saw the rise in prices of FLOKI 162.82% after breaking out of a consolidation pattern. This breakout saw the price reach $0.0001851 in March 2024, which was a new high. However, this was not the end for the coin itself.
In May 2024, FLOKI price increased by 154.55% after a price correction from its March highs to reach another high. This second leg of the upside peaks at $0.00019760 after its bullish confirmation. These elements lend credence to a possible third leg of the upside, which the analyst believes could lead it to new highs.
How high can the price go?
In his analysis, Cryptorphic points to the current bullish market sentiment as evidence that a rally could be in the offing. Given this, the crypto analyst believes that the FLOKI price could be preparing for another hike which could also see the price double from here.
The analyst’s first target is an upside of 117.71%, following the descending average of the last two major upsides. If this happens, the price could climb to $0.00032, approaching its record high of $0.0003462 on June 5.
However, as with any analysis, there are scenarios in which the predicted rally could be invalidated. In this case, the crypto analyst explains that a break and subsequent close below the $0.000155 support line could cause the price to flip coins bearish outlook.
Currently, the FLOKI price is holding at $0.00016 after suffering a drop of more than 44% in a single month. As for its daily trading volume, it increased by 15% over the past day, suggesting renewed interest in the meme coin.
Featured image created with Dall.E, chart from Tradingview.com
