In October, the cryptocurrency FLOKI experienced both strong performance and a sharp decline, wiping out all gains from the previous month. The volatility surrounding the U.S. election created uncertainty and led to a 20% drop in FLOKI's price. Traders are now wondering how much further this pullback will go before a recovery begins.

The critical support level for FLOKI in October was $0.00012, and if Bitcoin recovers after the election, there is potential for a rebound. However, if there is a broader market downturn, FLOKI could test deeper lows at $0.00069. On-chain metrics show that bears currently hold the advantage, with weak demand indicated by the sluggish On-Balance Volume (OBV).

Despite these struggles, on-chain metrics suggest steady accumulation and growing demand, as indicated by the rise in daily active addresses and the gradual increase in FLOKI tokens held outside of exchanges. This drop in supply may provide room for recovery.

Ultimately, the results of the U.S. elections will greatly influence short-term market sentiment and investor reactions to FLOKI. Traders are closely watching the election results for potential market shifts.



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