- FLOKI fell 14% in 24 hours and 32% this month, nearing a key historical support zone.
- A five-week marketing push aims to revive interest in FLOKI’s metaverse game amid the price slump.
Floki [FLOKI] recorded one of the largest market losses in the past 24 hours, declining by 14%, and showing a monthly drawdown of 32%.
At the same time, sellers retained firm control of the market. Price action neared a long-standing support zone, but signs of a bullish reversal remained weak.
There is a lot happening with FLOKI, and AMBCrypto is providing detailed insights.
FLOKI nears critical support: What’s next?
At present, FLOKI has traded into a key support zone, ranging between 0.00007602 and 0.00007453.
Market analysis revealed that this support level has played a crucial role in FLOKI’s price rallies on three different occasions, each time resulting in significant gains.
However, the structure this time is less encouraging. The broader trend remains bearish, and conviction has eroded across spot and derivatives markets.
History rhymes, but it doesn’t always repeat
Open Interest, which measures the number of unsettled derivative FLOKI contracts, continued to decline.
It dropped by 17% in the last 24 hours, suggesting a significant decrease in overall liquidity in the derivatives market.
AMBCrypto found that FLOKI’s bearish sentiment continues to grow, hinting at a further price decline.
Derivatives data points to weak market conviction
The selling pressure appears broad-based. Accumulation/Distribution (A/D) printed a reading of -6.3 trillion, confirming a dominant exit phase.
Additionally, the Parabolic Stop and Reverse (SAR) aligns with this sentiment, as dots have formed above the current price. If more dots form, it would imply increased selling volume in the market.
Finally, the Moving Average Convergence Divergence (MACD) has confirmed a death cross pattern.
This pattern forms when the MACD blue line crosses below the signal orange line, indicating a likely significant price drop.
Will development activity support the price?
To counter the weakening trend, FLOKI’s team announced a five-week ad campaign aimed at promoting its play-to-earn metaverse game.
If successful, the effort could revive user interest and provide support.
However, without a tangible uptick in adoption, the current downtrend may persist—leaving support vulnerable.
