Analyst Eyes This FLOKI Buy Zone: What’s Next for the Memecoin’s Price?

Crypto analyst InvestingHaven pointed out a possible FLOKI memecoin buying opportunity. In a tweet, the analyst stated that he anticipates FLOKI to drop to the $0.0001234 level between October 25 and November 9, indicating a potential strategic entry position. 

The tweet forecasts selling pressure during this period, offering a potential chance for buyers seeking lower entry prices. After bouts of volatility, FLOKI’s daily chart shows consolidation. 

The price has moved over past few weeks from $0.00012 to around $0.00015. At publication, FLOKI trades at $0.0001388, a 6.94% dip over the last day.

On the chart, there have been noted key support and resistance levels. The resistance zone is marked around $0.00015 to $0.0001550, where previous attempts to break through have been unsuccessful, indicating strong seller activity. 

Support levels are more defined, with $0.0001300 acting as a recent support zone. The projected buy zone of $0.0001234 aligns with InvestingHaven’s forecast, signaling a potential dip to this level.

Resistance and Potential Buy Zone

The chart’s annotations suggest that FLOKI may see a strategic buying opportunity around $0.0001234. This price point has been marked as a “Buy The Dip” area, consistent with the tweet’s prediction. Traders might view this level as a low-risk entry, expecting a rebound or upward movement afterward. 

However, the current resistance around $0.00015 could restrict any short-term price increases unless there is a breakout above this level.

The recent trend indicates that while there is slight buying pressure from the lows seen in late September, the resistance at the top remains, causing possible consolidation. If the price dips to the projected buy zone, this could trigger renewed interest from buyers.

Read also: Dogecoin (DOGE) and BONK Memecoin Prices Are Pumping: Here’s Why

Expected Market Activity Between October 25th and November 9th

InvestingHaven’s tweet specifies a period between October 25th and November 9th as a likely timeframe for FLOKI to dip to the anticipated buy zone. During this time, selling pressure is expected to drive the price down to $0.0001234. 

The suggestion is that this dip presents an opportunity for those looking to enter at a lower price, anticipating a subsequent price recovery. The analysis suggests a cautious approach, with potential buyers eyeing this dip for a strategic entry. 

Monitoring how FLOKI interacts with the $0.0001234 support level will be essential, as a breakdown could indicate further downside, while a hold at this level may signal an impending rebound.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.