As the cryptocurrency market eagerly awaits the Federal Reserve’s decision, volatility has become the norm, particularly for Bitcoin and other digital currencies. This market fluctuation, interpreted as preparatory moves for potentially adverse news, was further fueled by a prominent investor raising alarms about a potential decline in a meme coin.
What Did the Analyst Say About FLOKI?
Michaël van de Poppe, a well-known market analyst, shared insights on various cryptocurrencies on X, with a particular focus on FLOKI. Van de Poppe noted that Floki (FLOKI) had surged over 13-fold in a few months, indicating a significant market correction could be imminent. The analyst emphasized that the risk of a substantial correction is higher than the possibility of continued upward movement.
Should FLOKI experience a 20% correction from its current level, its price could drop to $0.0002. At the time of writing, FLOKI was valued at $0.000235, having fallen more than 14% in the past 24 hours.
Will Fantom (FTM) Reach $0.50 Again?
Van de Poppe also analyzed Fantom (FTM), suggesting the smart contract protocol might retest the $0.50 support level. FTM has been consistently making lower highs and lower lows, and a breakdown seems likely. The altcoin was trading at $0.632, following a 7% decline in the past 24 hours.
The analyst identified two key areas for potential swing trades in the near future, considering FTM’s repeated tests of the $0.60 support.
Key Takeaways for Crypto Investors
Investors can draw several concrete conclusions from the analyst’s commentary:
- Monitor FLOKI closely for a potential 20% price drop, bringing its value to around $0.0002.
- For FTM, observe the $0.60 and $0.50 support levels for potential swing trade opportunities.
- SUI could surge by 40% if it breaks the $1.17 resistance, making it a key resistance level to watch.
Is SUI Poised for a Rise?
Lastly, Van de Poppe examined Sui (SUI), a layer-1 protocol. He stated that if SUI could surpass the resistance at $1.17, it might rise by 40%. Currently, SUI is trading at about $0.997, with a 3.61% drop during the day. Its market cap stands at $2.42 billion, and its 24-hour trading volume has decreased to $285 million.