Elite

FLOKI

The Graph

Coin

<p>FLOKI has been on a great run lately, pumping over 800% in just the past two months. As of press time, FLOKI is trading around $0.00023 with a market cap of around $2.2 billion, making it one of the largest meme coins behind only DOGE, SHIB, PEPE and WIF.</p>
<p>However, according to FieryTrading, one of the most popular traders on TradingView with over 50,000 followers, FLOKI may be due for a significant correction. In his analysis, FieryTrading <a href="https://www.tradingview.com/chart/FLOKIUSDT/gfyY2uMM-FLOKI-Insane-Cup-Handle-Pattern-Fibonacci-Entry/" target="_blank" rel="noopener noreferrer nofollow">states</a>:</p>
<p><em>“FLOKI has seen incredible gains over the last few weeks, gaining over 800% in the last 2 months. However, I think that FLOKI is due to a minor correction…I’m aiming for a retest of the Fibonacci Golden Pocket area between the 0.382 and the 0.5 retracements, a 30-40 percent correction from here.”</em></p>
<p>FieryTrading cites two key reasons for his bearish stance on FLOKI in the near-term. First, he notes that FLOKI is “incredibly overbought” after the meteoric rise. Second, the <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">meme</a> coin has hit its previous all-time high resistance area, which has historically led to pullbacks.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="406" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-1024x406.png" alt="" class="wp-image-453610" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-1024x406.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-300x119.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-767x304.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-1536x609.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-2048x812.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-378x150.png 378w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-100x40.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-883x350.png 883w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700-788x312.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-700.png 1607w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Supporting FieryTrading’s thesis of an imminent correction, FLOKI’s Relative Strength Index (RSI) is currently hovering between 30-35 across all timeframes. An asset with an RSI below 30 is generally considered oversold, indicating bearish momentum has become extreme and the sell-off may be nearing exhaustion.</p>
<p>With FLOKI’s RSI dipping into the oversold territory, it signals the meme coin has become overextended to the downside in the short-term after the recent 5% dip. This oversold RSI reading increases the potential for a corrective bounce or consolidation period for FLOKI before resuming its broader uptrend.</p>
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<p>While a 30-40% correction may sound severe, FieryTrading points out that<em> “FLOKI has seen multiple weeks where it corrected over 30% in a single week”</em> during its blistering rally. He views any sizable dip as <em>“a very good entry point for investors which have been waiting for a good entry.”</em></p>
<p>Looking ahead, if FLOKI does retrace to the Fibonacci levels around $0.00016 to $0.00020 as FieryTrading predicts, that could present an attractive buying opportunity for the meme coin mania to continue.</p>
<p>However, a break below those key Fibonacci support levels could potentially spark an even deeper correction for FLOKI in the near-term. FLOKI’s resilience and ability to find support during any pullback will be critical for maintaining its impressive uptrend.</p>
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<p>The post <a href="https://captainaltcoin.com/floki-meme-coin-pumps-800-in-2-months-but-heres-why-an-elite-trader-expects-a-40-correction/" rel="noopener noreferrer nofollow">FLOKI Meme Coin Pumps 800% in 2 Months, But Here’s Why an Elite Trader Expects a 40% Correction</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

FLOKI Meme Coin Pumps 800% in 2 Months, But Here’s Why an Elite Trader Expects a 40% Correction

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