The price of Floki Inu has shown terrible performance in the last three days. Today’s decline is currently less than 1 percentage point, but Floki Inu lost 10 percent of that value yesterday and 16 percent the day before.
Why is Floki Inu performing so poorly?
There is no major news that could cause the current bearish trend in cryptocurrencies, but previous price increases were the result of a boost from Elon Musk’s support for meme coins. When reports of Mask’s Dogecoin proceedings began to appear last week, there was fear in the market that this could affect the future of Memecoin.
However, through an interview and his Twitter account, Elon Musk has indicated his intention to continue to support Dogecoin Memecoin. The news of his support saw almost all meme coins start to rise in the next few sessions.Unfortunately, that boost is probably over Floki A dog that has been aggressively bearish in the last few trading sessions.
Floki Inu Price Forecast
The chart below shows that since May 12, FlokiInu has been trading at $ 0.0000050 and $ 0.000012 at the support and resistance levels, respectively. The chart also shows that the price did not reach the resistance level in Floki Inu’s latest attempt. Instead, after reaching a price level of $ 0.0000085, prices began to fall and have been aggressively bearish ever since.
Today’s price is trading at $ 0.00000638 and we expect the current strong and aggressive bearish trend to continue. The price is likely to reach the support level of $ 0.0000050 again. Also, depending on the momentum of bearish movements, prices may trade below support levels.
However, if the price is trading above the $ 0.00000800 price level, my analysis will be invalid. At that point, a new bullish trend will be established.