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- 1 Floki crypto price is facing bearishness on the daily timeframe, showcasing bearishness.
- 2 The meme coin dropped 12.82% this week after a good performance.
Floki Inu, known as FLOKI, is a playful Ethereum-based meme coin, drawing its name from Elon Musk’s pet dog, Floki, and the Japanese word ‘Inu,’ meaning dog. It’s part of a broader category of dog-themed meme tokens.
The FLOKI project is driven by its community, with a mission to foster an environment that promotes understanding and engagement with blockchain and cryptocurrency concepts. The FLOKI token is not just for trading and staking; it’s envisioned as a key component of an educational ecosystem, potentially rewarding learners and facilitating access to blockchain education.
In essence, FLOKI functions like many cryptocurrencies but with a broader purpose: to be a catalyst for education in the digital currency space, possibly serving as a medium for educational incentives and resources within its network and the wider DeFi landscape.
Technical Analysis of FLOKI Crypto Price
For the last few years, the FLOKI crypto price has struggled below the key levels. The price tried to break out multiple times. At the beginning of March, the FLOKI price triggered a breakout and witnessed strong buying pressure.
FLOKI crypto price has been in a bullish trend for a prolonged time and has skyrocketed by 600% in the last 1 month. Currently, it is showing bearishness and dropped by 13%, taking support on the 20-day exponential moving average. Recently, the FLOKI price has tried to sustain the $0.0003134737 mark twice but sellers dominated.
FLOKI crypto price is trading at $0.0002064528 which has dropped by 11.55% in the last 24 hours. The market capitalization is $1.98 Billion and the fully diluted market cap is $2.02 Billion. The circulating supply of FLOKI crypto coins is 9.56 Trillion.
FLOKI Crypto Volume vs Price Analysis
At the beginning of March, the trading volume jumped by approximately 629% in a few weeks which left a strong positive impact on the FLOKI price. The trading volume has dropped from $2.74 Billion to $336.86 Million in the last few days and the price has declined by 13%. If the trading volume continues to fall, then it may lead to a bearish trend for the next few weeks.
Floki Crypto Social Dominance vs Social Volume Analysis
According to the santiment graph, social dominance and social volume have decreased over the last few days and the Floki price has also been affected negatively. If the awareness about Floki crypto increases on social media like X, Instagram, and Telegram, then it may affect the price positively.
Summary
The FLOKI cryptocurrency is currently in a bearish trend on the daily charts, with a significant drop in price this week. Despite its playful branding and community-driven mission to educate about blockchain, the token’s price has struggled to maintain gains. The recent price analysis indicates a potential for continued bearishness unless there’s a resurgence in trading volume and social media presence.
The future of FLOKI’s price will likely depend on market sentiment and the community’s ability to drive engagement and education within the blockchain space. Investors should keep an eye on key technical levels and social indicators while considering the inherent volatility of meme coins like FLOKI.
Technical Levels
Support Level: $0.0001732781.
Resistance Level: $0.0003134737.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
