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FLOKI Faces Potential 80% Crash: Is This the End of the Road?

FLOKI faces an 80% crash, warns analyst, despite recent price highs. Investors urged to stay cautious
June 18, 2024

FLOKI, often dubbed as the Shiba Inu competitor, has seen a meteoric rise this year, more than doubling in price and attracting a surge of investments into the meme coin. However, one crypto analyst is cautioning investors to brace for a sharp downturn, predicting a substantial 80% crash in its value.

According to iMoneyTeam, whose analysis was published on TradingView, FLOKI's recent price action has triggered what's known as a "bearish iCH" pattern, signaling an imminent internal pullback. This correction has already shaken the meme coin's value throughout June, but instead of the expected recovery, the analyst anticipates further decline.

Despite the current bullish sentiment and recent price resilience, the analyst warns that this could merely be a setup before a significant pullback. Even as the price broke a trend line—a bearish sign in most cases—the bullish pressure has kept it afloat. However, this might only delay the inevitable.

In the short term, iMoneyTeam predicts a potential recovery to $0.00044, representing a near 60% increase from current levels. However, this apparent high could mark the beginning of the end, as the analyst expects FLOKI to hit a supply zone shortly after, precipitating its decline.

The expected fallout could drive the price down to as low as $0.00006, indicating an alarming 80% plunge from its current price of $0.00018. Should FLOKI indeed reach the forecasted all-time high of $0.00044 before crashing, the subsequent drop to $0.00006 would spell an even steeper 86% decline.

While iMoneyTeam has refrained from pinpointing a timeline for these events, the analyst's chart suggests that a demand zone around $0.00006 could potentially serve as the floor for this crash.

Despite FLOKI's recent highs and ongoing bullish pressure, iMoneyTeam's analysis paints a precarious picture for the Shiba Inu competitor. Investors should proceed with caution, as the meme coin faces the looming specter of a significant price correction.

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