Despite $170 million in trading volumes coming in on Thursday, the Floki (FLOKI) price has declined 3% to below $0.00020, with some concerned that the meme coin could soon experience a deeper pullback.
Named after Elon Musk’s Shiba Inu dog, Floki is the fifth-largest meme coin by market capitalization. According to CoinMarketCap, the FLOKI market cap was last around $1.84 billion.
A surge in risk appetite in the meme coin sector saw FLOKI post explosive price growth in late February/early March.
Between February 25 and March 14, FLOKI pumped as much as 800%, reaching an all-time high of $0.000313. But it has since dropped back by around 38%.
Major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have been consolidating since early March. This comes as spot Bitcoin ETF optimism fades, as traders digest the news of the SEC investigating the Ethereum Foundation, Fed rate cut bets are pared, and amid profit-taking ahead of the Bitcoin halving.
This loss of momentum in the broader market has caused the meme coin space risk appetite to deflate.
As the deflation continues, Floki’s price drop could be about to go from bad to worse, however.
Floki Price Prediction – Is A Sharp Drop Incoming?
In the last month, the Floki price has been consolidating within a triangular pennant structure.
Floki is currently threatening to break this pennant structure to the downside. If it does, a short-term retest of $0.00016 support would be on the cards.
A break below here could be when things could get scary. Floki has no major support levels until $0.00007.
So that means losses of potentially as much as 65% from current levels could be on the cards. For investors who bought at the recent high, that could mean losses of as much as 80%.
The Floki Inu Price is at risk of seeing a sharp decline in the coming sessions should these key levels break. Source: TradingView
Of course, many would consider such a dip a great time to add exposure to the meme coin sector.
The last few months have shown that meme coins continue to have huge potential. Floki could yet hit fresh record highs with this bull market far from over. That’s even though near-term price risks are tilted to the downside.
High Potential Floki Alternative to Consider – 5thScape
Floki could deliver big gains during the ongoing but bumpy crypto bull market.
But its upside from here may be limited to as little as 5-10x. And many crypto investors looking to up their risk profile will be looking to lock in bigger gains.
One often overlooked crypto investing strategy is to invest in cryptocurrency presales.
Web3 projects and protocols often sell their tokens at big discount prices to early investors to raise funds for development.
If the project gains traction in the market, these early bird investors are often then able to sell their tokens for big gains.
And although presales can be riskier than investing in established cryptocurrencies, historical data indicates they can also yield substantial gains for those who successfully identify promising ones.
Projects with strong leadership, clear objectives, and the potential to disrupt the cryptocurrency space may offer a big upside.
Which is why the Cryptonews team provides resources and analysis to identify the most compelling presales within the cryptocurrency sector, offering investors a place to start.
One such presale they think has a lot of potential right now is 5thScape (5SCAPE). The 5SCAPE project is the world’s first VR/AR mixed-reality platform, with a lot of potential to ride the XR narrative wave.
Our presale has surged past stage 3!
Join us now and delve into a world of virtual reality with our multi-utility token.
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— 5th Scape (@5th_scape) April 4, 2024
It seeks to break boundaries through its integration of crypto tokenization to provide a superior reward experience.
Priced at just $0.00285, a steep discount versus the token’s planned launch price of $0.01, investors who get involved now can lock in paper gains of 250%.
The project has already raised a whopping $4.9 million. Given its total token supply of 5.1 billion, investors who get in now are essentially buying into the project at a market cap of $15 million.
5thScape could easily become a major market leader in its VR/AR niche. There is a good chance that it could one day become a $500 million market cap token.
That means investors who get in now could potentially lock in gains in the region of 30x.
5thScape was audited by Coinsult as well, and no major issues were found with its code. Also, the project is fully KYC’d by SolidProof; the team passed the KYC verification process on January 3, 2024.
Check Out 5thScape Here
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