Can Floki Recover From 90 % YTD Price Drop?
The 2021 meme coin cycle was the year of Floki Inu. The cryptocurrency rose from the dungeons of obscurity to become one of the largest memecoin. At one point, Floki Inu had a market capitalization of over $3.5 billion and was ranked in the top 100 cryptocurrencies.
However, since reaching its all-time price high of $0.0003437 on November 4, 2021, Floki Inu has slumped by 97 per cent and is currently trading at $0.000010. The past few months have also seen its market capitalization take a hit, and today stands at $89 million. Floki Inu’s ranking based on its market capitalization has also significantly dropped and is currently outside the top 2,500 largest cryptocurrencies.
However, 2022 has been a rough year, despite efforts from the team behind the project to market it. In the month of May, Floki Inu has dropped by 40 per cent. The aggressive bearish trend in May has been a continuation of the past few months since the year started. Looking that the year-to-date data, Floki has dropped by 90 per cent.
Efforts to market the project have also resulted in legal issues and some of their advertisements being pulled off-air. The latest controversy involved Advertising Standards Authority (ASA). The UK regulator of advertising accused Floki Inu of aggressively marketing a high-risk project to UK citizens. They said the advertising had crossed a red line in its use of marketing efforts.
Floki Inu Price Prediction
From getting into trouble with UK regulators to the recent decline in interest for memecoins, 2022 has seen the prices of Floki Inu drop by 90 per cent. Despite recent price action that seen Floki Inu gain in the market, the trend is still in a strong and aggressive bearish move.
Using the chart below, I expect the price of Floki Inu to drop after the current bearish flag is over. There is a high likelihood that we will see the cryptocurrency trading below the $0.0000050 price level. However, my trade analysis will be invalidated if the prices close today’s trading session above $0.00001022.
Floki Inu 4-Hour Chart
