FLOKI, the self-proclaimed Dogecoin killer, is facing a rough day. The meme coin's price plunged a staggering 21% in just 24 hours, according to CoinGecko. This sharp decline pushes FLOKI close to a four-month low, raising concerns among investors.
Adding to the bearish sentiment, FLOKI's open interest also witnessed a significant drop. Data suggests a one-fifth decline, representing a hefty $4 million vanishing from the market in a single day. This indicates a potential loss of confidence from traders and investors, who may be pulling back from FLOKI.
Analysts point to the Relative Strength Index (RSI) failing to break above the neutral line as another bearish signal. This technical indicator suggests the market momentum is currently tilted towards sellers, potentially leading to further price drops.
The current price sits precariously close to a critical support level. If FLOKI breaches this barrier, experts warn of a potential freefall that could drag the price below $0.0001000.
With these negative indicators piling up, FLOKI's future remains uncertain. Whether the meme coin can recover from this slump or succumb to the selling pressure will be a story to watch in the coming days.
July 2024, Cryptoniteuae