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Shiba Inu Floki’s rival It has been one of the best performers this year and continues to maintain a high profile in the market. that it The price may double in 2024Which led to an influx of new investments into the meme currency. However, while investors are pouring money into FLOKI, one analyst expects this increase to be short-lived, anticipating a massive collapse in altcoin prices.
Floki prepares to assemble and then unload
iMoneyTeam Cryptocurrency Analyst has And he expected A FLOKI price dump that could erase all of the meme coin’s gains from the past few months. The analysis, published on the TradingView platform, tracks FLOKI’s movement over the past few months in an attempt to forecast Where the price goes next. As the cryptocurrency analyst explains, the price reached a “bearish iCH” in the internal structure, creating an “internal pullback,” as shown in the chart below.
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This is evident in the price decline that has rocked the meme coin in June so far. However, as the asset is usually expected to rebound in this case and continue to rise, the cryptocurrency analyst believes that this is a setup for further decline.
For now, the analyst points out that there is still a lot to go Bullish pressure on the meme coin. This comes even though its price has broken the trend line, which is usually bearish. But in this case, upward pressure can help the price maintain its position. From here, there may be a price recovery towards all-time highs. However, then the real problem for cryptocurrency begins.
Multiple targets for meme coin
According to iMoneyTeam forecasts, before Floki price It will collapse, there will be an increase in prices. The chart shows a recovery to $0.00044, which represents a roughly 60% increase in the price of the meme coin at the time of this writing. However, after that, the cryptocurrency analyst expects the Shiba Inu competitor to reach the supply zone, which will begin to decline.
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Once the price starts to decline, the analyst expects the price to fall to as low as $0.00006. Now, from the current price of $0.00018, that would mean an 80% drop in price. However, if The price has reached a new all-time high At $0.00044, as the analyst had predicted before the drop, a crash to $0.00006 would mean an 86% decline.
As for when this could happen, the cryptocurrency analyst does not provide a timeline of events. However, the chart shows that the price will reach a demand zone around $0.00006, indicating that this will be the bottom of the breakdown.
Featured image from Asia Crypto Today, chart from Tradingview.com
