The Floki price dropped 8% in the last 24 hours to trade at $0.0001180 as of 00:43 a.m. EST, on trading volume that rose 28% to $188 million.
This comes as Floki continues to register a negative in the last month, having tumbled 16%. The meme coin space has also dropped 5% to a $40 billion market capitalization.
Floki Price Could Break Out
After dropping at the beginning of August to the $0.000102 support, the Floki price bulls were able to stage a trend reversal, pushing FLOKI to the $0.0001294 resistance, according to data from GeckoTerminal .
FLOKI has now been trading below this resistance but above the $0.0001156 support zone, in a sideways pattern.
Current technical indicators show that FLOKI is currently on a bearish trend but with signs of rebounding.
The price of Floki trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish sentiment.
Moreover, the Relative Strength Index (RSI) is dropping below the 50-midline level as it closes in on the 30-oversold level, currently at 37. This is an indication that there is some selling pressure as the asset now becomes undervalued.
FLOKI Price Chart Analysis Source: GeckoTerminal.com
With the token becoming undervalued, this may also be a sign of a buying signal. If the buying persists, FLOKI could surge to breach the upper boundary of the sideways pattern, as the bulls target the $0.00018 resistance zone.
However, the 50-day SMA still trades below the 200-day SMA, forming a death cross at $0.0001663. A death cross could still prompt the bears to exert more pressure on the token. In such a scenario, FLOKI could plunge back to the $0.0001089 major support level.
As the Floki price bulls search for buying opportunities, investors are betting big on the Olympic-themed token, The Meme Games (MGMES) , which has already garnered over $357K in its ongoing presale.
Olympic-Themed The Meme Games – The Best Meme Coin To Buy Now?
Blending the excitement of the Olympics with the crypto world, The Meme Games allows users to bet on meme characters in fun, competitive events.
The Meme Games introduces a gamified experience where users can bet on meme characters like Dogecoin ($DOGE), Pepe ($PEPE), DogWifHat ($WIF), Brett ($BRETT) and Turbo ($TURBO), competing in Olympic-style events.
The project offers an impressive 582% annual percentage yield (APY) for those who buy and stake $MGMES tokens , further enhancing its appeal.
According to crypto analyst and YouTuber Austin Hilton, $MGMES will be huge.
You can buy $MGMES tokens for $0.0092 each. But buy soon to lock in the best deal, as a price hike will come in a day.
To join the presale, buy $MGMES from the official website here using ETH, BNB, USDT, or a bank card. Buy now to win a 25% bonus on your investment.
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