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- The price of FLOKI has dropped by more than 25% in the last seven days.
- A bullish pattern has appeared on the memecoin chart, hinting at a recovery.
Memecoins like FLOKI Stock markets have seen their share of short-term bullish rallies this year. While this initially seemed like an optimistic sign, a broader look has revealed some concerns.
Therefore, AMBCrypto planned to have a better understanding of FLOKI’s performance to find out the chances of the memecoin recovering from its past losses.
FLOKI’s black year
Lookonchain recently released a tweet revealing how top memecoins have performed over the past year. The tweet mentioned that FLOKI’s price had dropped by over 65%.
Not only FLOKI, but also the best memecoins like Dogecoin (DOGE) And Shiba Inu (SHIB) also suffered similar fates, with their values falling by 57% and 70% respectively.
Over the past year, the top 10 meme coins have fallen an average of 63.73% from their peak.
CoinMarketCap data The bears continued to dominate last week, with the memecoin’s value dropping by over 25%. In the last 24 hours alone, the memecoin’s value has dropped by over 7%.
At the time of writing, FLOKI was trading at $0.0001157 with a market cap of over $1.11 billion.
The price drop also had a negative impact on its social indicators as its weighted sentiment dropped. This means that bearish sentiment around the meme coin was dominant.
Source: Santiment
Will FLOKI recover in 2024?
AMBCrypto then checked investor sentiment around FLOKI to understand if there were any chances of recovery in the coming weeks.
According to our analysis, the selling pressure on memecoin has increased significantly. This has resulted in a massive increase in its supply on exchanges and a decrease in its supply off exchanges.
The fact that investors were selling was further proven by the increase in exchange flows.
Source: Santiment
Additionally, whales also didn’t seem to have much confidence in FLOKI as the supply held by major addresses decreased.
Our review of Hyblock Capital data revealed that at press time, FLOKI’s whale/retail delta was 51. This also meant that whales didn’t have much exposure to the market.
Source: Hyblock Capital
Realistic or not, here it is FLOKI Market Cap in BTC
According to our analysis of the memecoin daily chart, a continued decline in price could push the coin down to $0.00008. However, a falling wedge pattern has emerged on the chart.
In case of a bullish breakout, FLOKI could start its rise. A bullish breakout would allow FLOKI to first reclaim $0.00015 before moving north and reclaiming $0.0002 and $0.0003 in the coming weeks.
Source: TradingView
