Will the popular memecoin Floki (FLOKI) be able to reverse the downtrend?
The decline of the leading crypto Bitcoin (BTC) accelerated the outflow of money from memecoins. Memecoins, which achieved sharp rises throughout October, lost blood as the outlook in BTC turned negative.
FLOKI, which is closely followed by crypto investors, dropped nearly 20 percent in November. AMBCrypto stated that FLOKI has entered a potential accumulation phase and the downtrend may end soon.
Floki (FLOKI) chart analysis
In its chart analysis, AMBCrypto placed a Fibonacci line between the highs of July and the lows of August. The indicator in question highlighted the $0.00012 level as a short-term support point.
The following statements were included in the analysis:
“If there are signs of recovery in Bitcoin after the US elections, FLOKI’s $0.00012 support may operate successfully. This support point could help stop the decline in price.“
AMBCrypto predicted that FLOKI could drop to $0.000069 if the market decline continues after the elections. The indicated support point stands out as the lowest level of August.
In the analysis, it was stated that on-chain measurements indicate the accumulation phase. FLOKI may gain upward momentum as market sentiment turns positive and the accumulation phase is successfully concluded.
In the chart analysis, the $0.00014 and $0.000153 levels were shown as important resistance points. If FLOKI exceeds the resistance points, it may touch $0.00016 in a short time.
According to CoinGecko data, FLOKI recorded a transaction volume of $201 million in the last 24 hours. The popular memecoin is trading at $0.0001229.
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