The value of the meme token experienced a significant drop last week, which was a challenging period for FLOKI investors. Despite this decline, there is potential for FLOKI to bounce back from a critical support area and resume an upward trajectory on the price chart in the near future.

Critical Data for FLOKI

Recent data from the website 21milyon.com shows that the meme token's value decreased by more than 22% over the past seven days. In the last 24 hours alone, FLOKI's price fell by over 4.5%. Currently, the token is being traded at $0.0001896, with a market capitalization exceeding $1.8 billion. Although the negative price movement has shaken investors' confidence, the token remains popular, as indicated by its high social volume in the cryptocurrency community.

Furthermore, a well-known crypto analyst, CryptoBull, recently shared a tweet highlighting a potential bullish signal for FLOKI. The tweet mentioned a strong support level near $0.000172, suggesting that if the token reaches this level and successfully tests it, a bullish rally could be on the horizon. A rebound from this support zone might enable FLOKI to surpass its previous high from March.

FLOKI Price Prediction

Despite previous analyses indicating that FLOKI had touched its support before initiating a bullish rally, there is a possibility of a favorable turn for investors sooner than anticipated. Data from the cryptocurrency analytics firm Santiment revealed a decline in the meme token's network/value ratio after a sudden surge. A lower value for this metric implies a higher likelihood of a price increase. Concurrently, open positions decreased alongside the price, potentially signaling a shift in trend in the days ahead.

As of now, FLOKI's MVRV ratio stands at -22, suggesting the potential for a trend reversal and a bullish rally in the near future. However, market indicators suggest that FLOKI may need to reach its support around $0.000172 before embarking on a bullish run. For example, the MACD displayed a bearish trend, and the Money Flow Index (MFI) also exhibited a decline, potentially indicating further price decreases for the meme token.

This information was originally published on COINTURK NEWS.