crypto-news-flash.com
- A renowned crypto analyst predicts that Floki may experience a massive correction to decline to $0.0002 before any possible rally.
- However, he predicts that Sui could surge by almost 40% once it breaks into the $1.17 resistance level from the current price of $0.99.
The $55 billion valued meme ecosystem has experienced a slight downturn, declining by 5% in the last seven days and 2.5% in the last 24 hours. However, retail investors await a strong rebound with bated breath as market insiders remain bullish on the key assets.
Speaking on this, Analyst Michaël van de Poppe disclosed that the market still has a level of corrections to go through before the significant rally. According to him, memecoins may witness a severe correction with Floki facing a pullback of 30-40%, as reported by Crypto News Flash earlier.
It’s up 1,200% since the start of this run and made a liquidity sweep above the previous high. The risk of a heavy correction is higher than a continuation upward. Interested only after a 30-40% correction, but not here.
At the time of this prediction, Floki was trading at $000265. Currently, the price has fallen to $0.00023 after declining by 3.5% in the last 24 hours and 30% in the last seven days. Our review of technical data also shows that Floki has a neutral market sentiment with 17 out of its previous 30 days experiencing green days.
Meanwhile, another analyst predicts that Floki may surge by 226.46% to hit $0.000919 by July 8, 2024. The memecoin is currently ranked the 45th largest crypto by market cap and the 5th largest memecoin.
Fantom (FTM) to Follow Floki, Sui (SUI) to Rally
Speaking on other altcoins, Michaël van de Poppe pointed out smart contract protocol Fantom (FTM) and predicted that it may revisit its $0.50 support level. According to him, FTM continues to make lower lows and lower highs with multiple reaches of the $0.60 support level. From all indications, the asset would likely plunge below this level as claimed by the analyst.
Continuously making lower highs and lower lows. It’s tested the $0.60 support multiple times, and a breakdown seems likely. In that case, I have two areas of interest for swing trading in the coming period.
At press time, FTM was trading at $0.65 after declining by 23% in the last seven days and 24% in the last 90 days. However, its 24-hour trading volume was up by 0.96%, reaching $160 million within the period.
The analyst lastly spoke about layer-1 protocol Sui (SUI), predicting a potential rally of almost 40% once it successfully secures the resistance level of $1.17. Per his observation, this asset is one of the strongest performers in the market.
SUI is one of the strongest performers in the market. It made a higher low and is looking for continuation towards $1.60 if the momentum is providing a breakout above $1.17.
At the time of writing, SUI was trading at $0.99 after recording a 24-hour decline of 1.57% and a weekly fall of 7.5%. Also, its 24-hour trading volume had declined by 2%, reaching $278 million within the period.