Floki Inu price to accelerate its slow bleed, 13% downside on the cards
- Floki Inu price has been bouncing off the $0.0000320 support level.
- A breakdown of the $0.0000320 barrier could result in a steep 13% correction to $0.0000276.
- Invalidation of the bearish thesis will occur if FLOKI flips the $0.0000353 hurdle into the support level.
Floki Inu price has been hovering above a stable support floor with no upside. The last two bounces produced lower highs, suggesting a lack of bullish momentum. If this trend continues, a breakdown of the immediate foothold could result in a steep correction.
Also read: Floki Inu price could initiate recovery to April highs on six trillion FLOKIturning profitable
Floki Inu price pauses before hemorrhaging
Floki Inu price rallied 82% on May 5 and 6 and set up a local top at $0.0000578. As investors rushed to book profits, this rally came undone, pushing FLOKI down to the $0.0000320 support level.
The initial bounce pushed Floki Inu price up by 19%, which eventually was faded as bears stepped in. The second bounce off this level propelled FLOKI by 11%, denoting a lack of buying pressure. If this trend continues and sellers continue to dominate, a breakdown of the $0.0000320 barrier is likely.
A decisive daily candlestick close below this level will signal a breakdown and catalyze a 13% downswing to $0.0000276.
FLOKI/USDT 1-day chart
On the other hand, if Bitcoin kick-starts its recovery rally, altcoins including Floki Inu price will start to climb higher. In such a case, if FLOKI flips the $0.0000353 hurdle into a support floor, it will invalidate the bearish thesis.
Such a development could see sidelined buyers step further propelling Floki Inu price to tag the next hurdle at $0.0000390.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
