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The Floki price has plummeted 19% in the last 24 hours to trade at $0.0001263 as of 10:20 a.m. EST following a 38% surge in trading volume to $972 million.
This drop in price comes as data from Spotonchain reveals that a wallet address associated with FLOKI resurfaced in the market after being dormant for 2.5 years.
The $FLOKI price is 🔻 17.7% in the past 24 hours.
A wallet linked to @RealFlokiInu returned after 2.5 years of dormancy and deposited 15.22B $FLOKI ($2.27M) to #Binance 9 hours ago, just before the price plunged.
These $FLOKI were released from the Floki deployer to this… pic.twitter.com/9eDNqy3Mhr
— Spot On Chain (@spotonchain) August 30, 2024
The whale deposited 15.2 billion FLOKI tokens, valued at approximately $2.27 million, into the crypto exchange Binance. This substantial transaction occurred just before the price drop.
Additionally, it was noted that the FLOKI tokens held by the whale wallet were originally released by the Floki deployer in early 2022 when they were priced at around $0.0000307.
Floki Price Hits A Resistance As Bears Apply More Pressure
The FLOKI/USD pair on a 4-hour timeframe has formed a round bottom pattern around the $0.00009757 level. This pattern often signals a potential reversal from bearish to bullish momentum. Following this formation, the price entered a bullish channel, reaching a high near the 0.0001618 resistance zone.
FLOKIUSD Analysis Source: Dextools.io
A “Golden Cross” also occurred, with the 50 Moving Average (MA) on the 4-hour chart crossing above the 200 MA, suggesting a short-term bullish signal.
However, other technical indicators present a mixed picture. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line below the signal line, indicating bearish momentum.
Conversely, the Relative Strength Index (RSI) is reading at 30.19, suggesting that the recent bearish momentum has pushed the price down significantly, increasing the likelihood of a short-term bounce as some traders might start buying in anticipation of a recovery.
Floki Price Prediction
FLOKI is pulling back after reaching the resistance zone, indicating potential bearish pressure. If the price fails to hold above the key support level of $0.0001260, it might continue to decline towards the next support level at $0.0001200.
Should the RSI recover from the oversold region and the MACD start showing signs of bullish divergence, there could be a rebound towards the $0.0001400 level, with the possibility of retesting the $0.0001600 resistance zone.
A sustained drop below the $0.0001260 level could lead to further declines, targeting the $0.0001200 zone, where buyers might re-enter the market.
The current price action indicates a short-term bearish pullback with the potential for a rebound. However, mixed signals from the indicators suggest that caution is necessary.
Monitoring the support and resistance levels will determine the next directional move.
The Meme Games ICO Raises Over $400K – Next Meme Coin To Skyrocket?
Investors looking for cryptos to diversify their portfolio might also consider a new presale called The Meme Games (MGMES), which has garnered over $400K in early funding.
Crypto Analyst and YouTuber Austin Hilton, with 272,000 subscribers, thinks the MGMES Olympic Games meme coin “will be huge”.
The Meme Games is an innovative gamified meme token project that brings together popular crypto meme characters, adding a competitive twist by rewarding presale buyers with token bonuses for winning virtual events. This unique concept blends the excitement of crypto meme coins with the competitive spirit of the 2024 Olympics.
Participants can select from characters like Dogecoin, Pepe, DogWifHat, Brett, or Turbo, and watch them compete for gold in a digital sprint.
Each token purchase allows buyers to pick a meme athlete, randomly selected and verified by blockchain technology to ensure fairness.
The #Paralympics have begun! 🌟
Join the $MGMES presale now and back your champion for a chance to win a 25% bonus! 🚀
Ready, set, go! 🏅👉https://t.co/6oUlx6ssLs pic.twitter.com/z3hurwVWkG
— The Meme Games (@MemeGames2024) August 29, 2024
Token holders can also earn passive income through the project’s staking mechanism by buying and staking MGMEs, offering an impressive 476% APY.
Currently, MGMES tokens are available at $0.00935 each, but the price will increase in less than a day, so it’s best to act quickly to secure the best deal.
Buy MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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