Crypto trader Ali Martinez shared a chart showing a “flag” pattern in the FLOKI meme coin price. According to his analysis FLOKI could drop to $0.00004, which would be quite a decrease from its current price of $0.00006.
This prediction, if accurate, wouldn’t be welcome news for the FLOKI community, with some users already questioning the credibility of the flag chart.
Latest Price Prediction for FLOKI and Why Is It Causing Debate
Flag patterns are used in cryptocurrency and broader financial analysis as a technical analysis tool to forecast potential price movements.
They often occur during periods of strong momentum and indicate a temporary pause before the prior trend resumes. The pattern usually represents short-term phases following sharp price movements, often used by traders to forecast breakouts. Traders often use them to anticipate breakouts. While popular, it’s important to remember that these patterns aren’t foolproof.
Some X users are pointing out that this particular chart is wrong, arguing that the target price projection is incorrect due to a recent price correction affecting the pattern’s “pole” measurement. So, it looks like we’ll have to wait a few more days to see who’s right.
Current Market Status of FLOKI
Regardless of the above, FLOKI remains a popular meme coin, inspired by Elon Musk’s dog of the same name.
It has a market cap of around $548 million with a current daily trading volume of approximately $74.14 million, which is 20% less than compared to the day before.
FLOKI first launched in 2021, capitalizing on the meme coin craze sparked by the popularity of Dogecoin (DOGE) and Shiba Inu (SHIB).
Recently, there was some confusion regarding FLOKI’s status on major exchanges like Coinbase. At first, it was reported to be removed from Coinbase, but it turned out to only be delisted for the New York area due to local regulatory constraints. Even with this, FLOKI continues to be one of the most traded meme coins globally.
Despite the rocky periods associated with the meme coin market, FLOKI has maintained significant community support to this day. How long that might last is anybody’s guess. This includes the predictions made by analysts like Martinez and the broader sentiment within crypto circles.
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