Dormant Floki Whale Awakens, Sparks 17% Drop: $0.00010 Support in Jeopardy

With the meme coins under pressure, FLOKI crashes with a long-dormant address waking up to sell. Will the FLOKI drop below $0.00010?

With a 12.59% drop last night, the Floki price continues the bearish trend with a 5.77% intraday drop. The sudden drop in the meme coin accounts for a 17% drop in the past 24 hours. Will the increased supply and the volatile meme coin segment result in a prolonged crash in Floki?

With Intense Supply, Floki Reverts From $0.00015

With two consecutive bearish candles, Floki’s underlying sentiment has completely shifted. In the daily chart, the Floki price action reveals a double-bottom reversal from the $0.00010 psychological mark after a massive 10-day falling streak of 40% in early August. 

Further, the double-bottom reversal successfully reclaims the $0.00015 psychological mark. However, the recent crash quickly resulted in a new negative cycle approaching the psychological mark again, approaching the bottom psychological support level. 

The MACD indicator shows the average lines ready for a bearish crossover as the supply pressure increases. Meanwhile, the daily RSI line also reveals a massive downtick crossing under the 14-day SMA and the halfway line. 

Dormant Floki Whale Wakes Up

As a long-dormant Floki whale wallet linked to the official project team wakes up after 2.5 years, the bearish actions result in a crash in FLOKI. Depositing 15.22 billion FLOKI tokens worth $2.27 million at the time to Binance led to a massive supply inflow. 

With bulls failing to absorb the sudden supply, the deposit times with a massive dip in the FLOKI price. The wallet held the FLOKI tokens from the original release by the Floki deployer in early 2022. Back then, the Floki price was $0.0000307, reflecting massive gains for the holder. 

Will Floki Survive The Crash?

With a new negative cycle between $0.00010 and $0.00015, the meme coin can expect the consolidation range to prolong for a few days amid the broader market volatility. 

A bearish breakdown of the $0.00010 psychological mark could result in a bearish continuation to the next support levels at $0.000078 and $0.000055. Conversely, a bullish cycle from the $0.00010 will have to surpass the $0.00015 to test the following resistance levels at $0.00020 and $0.00024.