FLOKI price is declining in line with the rest of the crypto market, resulting in investors noting losses.

A significant portion of the circulating supply will become loss-bearing unless the meme coin reclaims a crucial support level.

FLOKI Investors Are Pessimistic

FLOKI price drawdown is forming lower lows on the daily chart, impacting the investors with every passing day. Evidence of increasing losses is visible in the Global In/Out of Money (GIOM) indicator. 

Investors bought more than 656 billion FLOKI worth over $122 million between $0.000150 and $0.000193. This supply has nearly lost its profitability as the meme coin is changing hands at $0.000156. Another day of a red candlestick could send the altcoin falling toward the next support of $0.000148, making this supply loss-bearing.

Read More: What Are Meme Coins?

While investors would certainly not want this to happen, their sentiment is relayed differently. According to the weighted sentiment indicator, there is heavy bearishness among the FLOKI holders. 

This metric combines and analyses all the mentions and expressions about a topic. The data helps to provide a more nuanced view of public opinion or investor sentiment. Upticks suggest bullishness, while downticks hint at bearishness.

FLOKI’s downtick has been unchanged since the beginning of July, feeding into the drawdown. 

FLOKI Price Prediction: Bouncing Back Is the Aim

FLOKI price could see another few bearish trading sessions as the aforementioned cues are hinting at the same. This would lead to a decline to $0.000148, the probable outcome.

Losing this level as support could push the meme coin to fall to $0.000132, as this level has been tested multiple times as support in the past. However, this would completely wipe the profits from the recent rally.

Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024

On the other hand, if FLOKI’s price can bounce off $0.000148 and breach the barriers at $0.000167 and $0.000185, it could recover the 23% decline. Furthermore, the bearish thesis would be completely invalidated once the meme coin breaches $0.000210, as the 656 billion FLOKI supply would also become profitable.

Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...