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FLOKI Price Falls 21% in a Day, Open Interest Drops by a Fifth

2 mins
Updated by Ryan Boltman
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In Brief

  • FLOKI's price is at the verge of marking a four-month low, as the meme coin fell by 21% in 24 hours.
  • The Open Interest fell by $4 million in a day, representing one-fifth of the total $20 million.
  • The RSI failing to breach the neutral line is a sign that the bearish cues continue to dominate the market.
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FLOKI price after a long while of consistent drawdown, is potentially looking at additional losses over the coming days.

This is because the rising pessimism among investors could harm the attempts at stabilizing the meme coin.

FLOKI Sees Bearish Cues

FLOKI price could decline as the broader market cues and investors step back. Signs of the same are visible in the Open Interest and the Relative Strength Index (RSI). 

FLOKI’s Open Interest experienced a sharp decline, falling by $4 million in just one day. This drop represents a substantial reduction, amounting to one-fifth of its previous total of $20 million. Such a significant decrease in Open Interest highlights a shift in market sentiment.

The rapid decline in FLOKI’s Open Interest suggests that traders and investors are reevaluating their positions. A 20% reduction in the OI often indicates a decrease in speculative activity and confidence, which can have broader implications for the asset’s market dynamics.

FLOKI Open Interest.
FLOKI Open Interest. Source: Coinglass

Additionally, FLOKI’s RSI has failed to breach the neutral line. The RSI is a crucial momentum indicator, and its inability to move past this level is a clear sign that bearish sentiments continue to prevail. This suggests that the market is struggling to gain upward momentum.

The combination of a significant drop in Open Interest and a bearish RSI underscores the challenges FLOKI faces in reversing its current trend. 

Read More: What Are Meme Coins?

Floki RSI.
Floki RSI. Source: TradingView

These indicators together suggest that bearish cues are dominating the market, and FLOKI may continue to experience downward pressure in the near term.

FLOKI Price Prediction: Watching Key Levels

FLOKI price declined by more than 21% in the last 24 hours, pulling the meme coin from $0.0001856 to $0.0001459. The altcoin is now close to its last barrier at $0.0001326, falling through, which could lead to a freefall with the price declining below $0.0001000.

The aforementioned cues are not too positive either, suggesting a drawdown could take place anytime soon.

Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Floki Price Analysis.
Floki Price Analysis. Source: TradingView

On the other hand, if FLOKI price bounces back from $0.0001484, the bearish thesis could be invalidated. This would give the meme coine enough boost to reclaim $0.0001856 as a support level to eventually breach $0.0002000.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...