- FLOKI experienced a 20% drop, erasing all October gains amid U.S. election volatility.
- Key support levels at $0.00012 and $0.00069 may determine future price movements.
- On-chain metrics show steady accumulation, suggesting potential for a price rebound soon.
FLOKI’s price action in October was a rollercoaster ride. After a period of impressive performance, the coin faced a sharp decline as November began. Volatility surrounding the U.S. election created uncertainty. As a result, FLOKI dropped by 20%, wiping out all gains from October. Traders now ask how much further this pullback will go before a recovery begins.
Analyzing FLOKI’s Pullback
In October, FLOKI hovered around the critical 78.6% Fibonacci level at $0.00012. This level acted as important short-term support. Below this lies April’s low, another key support zone that halted a severe sell-off in August.
These levels could prevent further losses. A rebound may occur if Bitcoin (BTC) recovers after the elections. However, a broader market downturn could push FLOKI down to test deeper lows. If the current support breaks, traders should keep an eye on August’s low and $0.00069 as significant targets.
On-Chain metrics reveal market tension. The average Relative Strength Index shows bears hold the advantage. Additionally, the sluggish On-Balance Volume (OBV) indicates weak demand for FLOKI. Traders must remain cautious, as these indicators suggest a tough battle ahead.
Accumulation Metrics Signal Potential Rebound
Despite the recent struggles, on-chain metrics indicate steady accumulation. This trend suggests a rebound might be possible. Currently, market sentiment remains neutral, leaving prices open to both declines and increases.
However, a rise in daily active addresses points to renewed interest. This uptick follows a pre-election dip and hints at growing demand. If this momentum continues above established support levels, a potential reversal could follow.
Read CRYPTONEWSLAND on
google news
Moreover, the gradual rise in FLOKI tokens held outside exchanges contributes to this optimistic outlook. Despite the 20% drop, selling pressure on exchanges has eased. FLOKI’s availability on centralized platforms has decreased since late September.
This drop in supply may provide the room needed for recovery. Ultimately, the results of the U.S. elections will significantly influence short-term market sentiment and investors’ reactions to FLOKI. All eyes are on the election results as traders prepare for potential market shifts.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
