After a bullish rally at the beginning of June, the FLOKI price is following a downtrend after creating an all-time high. This downtrend might continue for the next few days.
Floki Inu is in a downtrend where its price has continuously declined for days. It is not the most disappointing part, as more disappointment comes from the fact that it just recently surged to its maximum, creating an all-time high record of $0.0003462 just six days ago. Now, the FLOKI price is 27% away from its ATH target and is currently trading at $0.0002457. The decline is continuing for days, but is there a chance of recovery?
In this blog, let us discuss if the FLOKI price can recover this week.
What Technical Factors Predict For FLOKI Price?
Over the one-month interval, FLOKI has gained more than 43% in value despite the ongoing decline. Moreover, in the Year-To-Date (YTD%) data, FLOKI Inu has gained 770.74%, beating Bitcoin and many other cryptocurrencies for high returns. FLOKI is a highly demanded cryptocurrency and the top dog-themed meme coin that builds the hype around it.
As it has been only a few days since FLOKI attained an ATH, the current fall is because of the overbuying of the token. The Relative Strength Index (RSI) is 46.34, which indicates the overselling of these meme coins.
Earlier, the RSI was above 70, which was an indication of the overbought, but now the trends have reversed, causing high selling pressure to maintain the balance. Not only that, but the MACD, Momentum, and simple and exponential moving averages of the 10,20,30 days indicate the same.
Based on that, the FLOKI price might continue the same downtrend because of the high selling pressure in the market.
Analysts Take On Floki Price Recovery?
Many crypto analysts have connected the price drop with the decline in the Bitcoin price, which has brought down the entire crypto market. Bitcoin was previously trading around $70-$71K, but within a few days, the value declined to $66,235. The drop is continuing even now, which can affect the market even more.
A few analysts like Clinix Crypto have expressed the possibility of the FLOKI price recovery only if the BTC surges back above $68K. Others favored the same as well while confirming the long-term bullishness for this meme coin, but in the short term, there are no bullish signs as of now.
Final Thoughts
FLOKI has exhibited impressive growth this year, where its price jumped by 770% from the beginning. Moreover, attaining the ATH indicates the high returns potential of the meme coin, but the ongoing week might not be the most favorable time.
The Floki Inu price might continue to decline for the next few days as there are no positive signs of recovery. However, with new additions like the launch of the FLOKI name service and listing opportunities, the price might recover once the selling pressure decreases and the Bitcoin price rises.