Crypto market bears are committed to erasing the gains acquired during the ‘Uptober’ session. That comes as top digital coins lost their critical support levels over the past day. Bitcoin had its price tumbling towards the $42,600 lows early on Saturday. Moreover, the altcoin market experienced a bloodbath. Meanwhile, Floki Inu was not an exception. The meme coin had its value plummet by 25% since yesterday, exploring the $0.000146 price levels early today.
Floki Inu Plummets after V-Shaped Pattern
Floki Inu is available at a discount after the canine-themed crypto declined by 25% in the past day. That comes after the latest flash crash in the crypto market during midnight sessions. The correction threatens to erase gains acquired during the recovery phase that started on 28 November, as witnessed on the 4hr chart.
The Relative Strength Index indicates that FLOKI was on an overbought case. That shows that though the current sell-off dominated the overall crypto space, the meme coin somewhat anticipated it. However, no one expected such depth.
Moreover, the four-hour chart had the Moving Average Convergence Divergence indicator flashed a sell signal for FLOKI. That occurred as the 12 exponential moving average crossed under the 26 exponential moving average during late Ney York sessions. That confirmed that the market switched to bearishness.
FLOKI/USDT 4Hr Chart
Keep in mind that the recent correction flipped the 50, 200, and 100 Simple Moving Averages from support levels to resistance zones. As Floki Inu stands at $0.000154 at the moment, its chances to surge remain minimal in the short term.
That means that meme coin enthusiasts can purchase FLOKI at a discount while anticipating a price upsurge for the dog crypto when the prevailing crypto market turbulence fades. Nevertheless, market participants need to wait to see how deep the market might sink.
Meanwhile, the broad crypto market plunged again over the last day, wiping out investors’ wealth worth more than $360 billion. That follows Omicron Covid-19 strain fears that spread all over the market. While the United States stocks marketplaces remained under pressure last week, the narrative has spread into the cryptocurrency market.
Image https://coinmarketcap.com/currencies/floki-inu/
