Floki Inu [FLOKI] is navigating rough waters after plunging 14% in the past 24 hours, deepening its monthly losses to a staggering 32%. With market sentiment turning increasingly bearish, the meme coin is now trading dangerously close to a critical support zone—raising questions about what comes next.
FLOKI’s Last Line of Defense
Currently, FLOKI is hovering near the $0.00007453–$0.00007602 support range, a zone that has historically triggered major price rebounds. In three prior instances, touching this level sparked powerful bullish rallies. However, market structure this time paints a more cautious picture. The broader trend remains downward, with price action lacking the momentum typically seen in prior recoveries.
Derivatives Market Weakens, Bears Stay in Control
Derivatives metrics reflect growing bearish conviction. Open Interest, a key measure of market engagement, dropped 17% in the last 24 hours—suggesting traders are exiting their positions en masse. The Accumulation/Distribution (A/D) line has fallen to -6.3 trillion, confirming a strong distribution phase as capital flows out of FLOKI.
Moreover, the Parabolic Stop and Reverse (SAR) indicator has flipped bearish, placing dots above the current price. The Moving Average Convergence Divergence (MACD) has also confirmed a death cross—a classic sign of an impending downtrend.
Can FLOKI’s Metaverse Bet Trigger a Turnaround?
In an attempt to revive interest, the FLOKI team has launched a five-week advertising blitz to promote its play-to-earn metaverse game. While the campaign could drive attention and possibly stabilize price action, on-chain indicators show that without meaningful user engagement or network activity, any rebound may be short-lived.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Floki Inu [FLOKI] Jumps 20%: Analysts Predict Further Bullish Rally
