Floki Inu (FLOKI) is a highly volatile and speculative cryptocurrency and current analysis has revealed the possibility of a 40% plunge. FLOKI's price has been consolidating and forming a symmetrical triangle pattern, which is an indication that market participants are uncertain of the currency's direction and a breakout in either direction could occur. The high levels of volatility experienced recently could reduce when this pattern fully plays out as traders become increasingly cautious and wait for the breakout.
When the symmetrical triangle pattern is taken into account, it could mean that a drastic reduction of 40% could be seen for FLOKI. This could cause a downward trend in market sentiment, where further selling pressure could lead the price to drop further. On the other hand, a potential upside breakout could result in considerable gains for the currency.
Whether the pattern leads to a bearish or a bullish move, it is indisputable that the outcome will have a great impact on the course of Floki Inu. Before making any significant moves, it is paramount to implement a sound trading strategy and employ risk management practices to protect any investments.
Lydia Thomas
- 2023-04-04
Could Floki Inu Plunge 40%?
High levels of volatility could lead Floki Inu (FLOKI) to experience a 40% price plunge in the near term. A symmetrical triangle pattern, which is an indication that market participants are uncertain of the currency's direction, has been forming.
