On-chain movements have greater consequences on prices these days when the general market sentiment is negative. FLOKI Coin is an altcoin that investors believe will continue its rise, which they have been waiting for profitably for a long time. BTC With the recent price drop, on-chain activity has supported double-digit losses in the last 24 hours. So what now?
FLOKI Coin Comment
FLOKI is stalling at $0.00012 and the wallet that has been dormant for two and a half years has become active again. Spot On Chain analysts believe that this wallet is directly connected to the team. 15.22 billion worth $2.27 million FLOKI Token It was transferred to the Binance exchange. These transfers, which are usually made to central exchanges, trigger a price drop and are made for sale. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Tokens held at a price of $ 0.000030 in 2022 seem to have acted with the aim of profit sales due to the profit rate. This is not the only reason that feeds the motivation for the decline. As we mentioned in the introduction, FLOKI Coin holders were able to wait at the top for a long time with the expectation of further increases in a profitable way.
However, the number of patient investors is decreasing. The number of addresses holding FLOKI Coin worth between $100,000 and $10 million has also decreased. The weakness in this group of investors confirms the general abandonment. Because when they accumulated in the opposite direction, the price increase signal came from this group.
If the selling trend continues FLOKI Coin We could see the price move to deeper lows. And if this turns into a mass sell-off by investors who have been holding on to gains for too long, optimism about medium-term performance could also be undermined.
FLOKI Coin Price Prediction
On the technical front, FLOKI Coin may experience further declines as indicated by the Balance of Power (BoP). This indicator tracks the dominance of buyers over sellers in the markets. A high BoP value also reflects the strong momentum of buyers and supports the price increase. In the opposite scenario, it feeds the expectation of a decline as it is today.
If the selling pressure trend and on-chain bearish signals in the first section remain strong FLOKI Coin price It could decline towards $0.000096. Popular cryptocurrency analyst Scofield wrote in his final assessment:
“Once the current decline in FLOKI is over, I expect it to bounce back aggressively as it has historically and leave many on the sidelines. Floki is already more famous than most meme coins and continues to strengthen its fundamentals despite this.”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
