- FLOKI has broken out of a year-long range and the price action looks headed towards a key support zone at $0.00002650.
- The most significant level is between $0.000024 and $0.000036, where 5.9K addresses hold 4.57T FLOKI.
The memecoin market continues to face significant drops, with Floki [FLOKI] breaking out of a year-long range and now trending downward toward the key support level at $0.00002650. This level previously triggered a 913.93% rally in March 2024.
The price is currently at $0.00007118, significantly lower than its last major peak, and appears to be testing structural weaknesses. Given the price’s consistent downward trajectory, this zone may serve as a make-or-break level for FLOKI.
The Chaikin Money Flow (CMF) indicator is currently at -0.06, signaling weak buying pressure and a dominance of sellers in the market.
A further decline in CMF could confirm that liquidity is drying up, increasing the probability of a breakdown to the $0.00002650 support zone.
However, if CMF starts rising from these levels, it may indicate incoming accumulation, potentially reversing the bearish trend.
Source: TradingView
The historical price structure showed that FLOKI saw a parabolic run from the $0.00002650 region, where strong demand pushed it to new highs. If the price taps this area again, it could see renewed interest and buying momentum, leading to another significant rally.
However, a breakdown below this level could see it revisiting lower levels, potentially declining further toward $0.00002250 or beyond.
For now, price action remains bearish, but all eyes will be on $0.00002650, as its reaction there will determine FLOKI’s next move.
Why you can’t overlook the profitability of FLOKI holders?
The key support in price action is further confirmed by the fact that it sits on the lower range of the most significant zone between $0.000024 and $0.000036, where 5.9K addresses hold 4.57T FLOKI.
This formed a critical support zone because of its large concentration of buyers. If FLOKI price drops to this level, strong buying interest could trigger a reversal, preventing a deeper decline.
Moreover, FLOKI holders showed a strong profitability distribution, with 57.79% of tokens “In the Money”, meaning these holders bought below the current price of $0.000074. This indicated that a majority of investors were still in profit, which reduces selling pressure.
Source: IntoTheBlock
Meanwhile, 41.44% of FLOKI tokens were “Out of the Money”, meaning holders bought at higher levels. This increases the risk of selling if prices remain stagnant or decline.
With 0.77% of the tokens “At the Money”, near breakeven, minor volatility could push these traders into profit. This could potentially reduce selling pressure and fuel another rally.
