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The Floki price plunged more than 6% in the last 24 hours to trade at $0.0001177 as of 4:25 a.m. EST as investors offload their holdings in the meme coin on the market.
With the recent pullback, the FLOKI price has extended its negative weekly streak. As a result, the canine-themed token is down 24% over the last 7 days.
The Floki Price Testing A Critical Support Level
4-hour chart for FLOKI/USD (Source: GeckoTerminal)
The Floki price is resting on the key support level at $0.0001145. Should it drop below this crucial price point, the meme coin could be at risk of falling further in the following 24 hours.
This bearish thesis might be invalidated if the FLOKI price is able to maintain a position above the $0.00001145 support for the next 12 hours. In this alternative scenario, traders could identify the altcoin as a good long opportunity.
With the potential buy volume, the Floki price might attempt to flip the resistance level at $0.0001327 into support. Continuing buy pressure should the meme coin overcome this technical barrier could then lead to FLOKI rising to as high as $0.0001646 in the short term.
Technicals Suggest The Floki Price Could Keep Dropping
From a technical standpoint, indicators on FLOKI’s 4-hour chart warn the meme coin’s price could keep dropping through the course of the next trading day. More specifically, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show that sellers maintain a tight grip on the Floki price.
RSI readings have plummeted over the last 24 hours. Currently sitting below 30, the RSI on the 4-hour chart suggests that FLOKI is oversold. This might be seen as a buy opportunity by traders since the crypto’s upside potential is greater than its downside potential. However, it is not unusual for the RSI to remain low when a crypto is being dumped.
Meanwhile, the MACD line is positioned below the MACD Signal line to indicate that the Floki price is in a bearish trend. What’s more, the prior is breaking away below the latter. This could be a sign of FLOKI’s negative momentum picking up steam.
While the Floki price tries to fend off pressure from bears, investors are flocking to the presale of a new meme coin by the name of Crypto All-Stars (STARS).
A Unique Staking Mechanism Consolidating Rewards For The Top Meme Coins
Crypto All-Stars (STARS) aims to bring a unified staking experience to the meme coin space. Through its innovative platform, investors are able to lock up a variety of meme coins for passive rewards.
Popular cryptos such as Dogecoin (DOGE), Shiba Inu (SHIB), Brett (Brett), PEPECOIN, MOG, Milady Meme Coin (LADYS), Turbo (TURBO), Toshi (TOSHI) and Bonk (BONK) can all be staked via the Crypto All-Stars platform. More meme coins are scheduled to be added in the coming months. What’s more, investors can also stake STARS for a 1,567% APY.
The project’s high staking rewards and innovative platform have caught the eye of renowned crypto YouTuber ClayBro. In a recent video, he predicted that Crypto All-Stars could yield a 29X return for investors.
Investors Rush To Buy STARS At Presale Prices
Crypto All-Stars has raised more than $900K through its presale so far, signaling strong investor confidence in the project’s future. With analysts predicting a meteoric rise in the STARS token price, and the project’s lucrative staking program, this investor frenzy is likely to continue throughout the remainder of the ICO.
Anyone looking to get in on the token at this early stage can do so by acquiring the meme coin using the simple buy widget embedded on the project’s website. Selling for $0.0014191, STARS can be bought using either ETH, USDT, BNB or bank card.
Potential buyers will want to act fast, however, as the meme coin’s price is scheduled to increase with each subsequent stage of the project’s presale. The next price adjustment will take place in just 2 days.
Purchase STARS here before its next price increase.
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