A popular crypto analyst is warning that a significant drop could be on the horizon for a red-hot memecoin.
With a substantial following of 720,500 on X, analyst Michaël van de Poppe suggests that Floki (FLOKI) might experience a sharp correction after surging by over 13 times in just a short span of time.
“It has increased by 1,200% since the beginning of this rally and has surpassed the previous high with a liquidity sweep. The risk of a major correction is greater than further upward movement. I would only be interested after a 30-40% correction, not at this point.”
Van de Poppe predicts that a 40% correction from the peak would bring Floki down to $0.0002. Currently, Floki is valued at $0.000265, showing a decrease of more than 5% in the last day.
Shifting focus to the smart contract protocol Fantom (FTM), Van de Poppe anticipates that the altcoin could retest support at $0.50.
“Continuously forming lower highs and lower lows. It has repeatedly tested the $0.60 support level, and a breakdown appears probable. In such a scenario, I have identified two areas of interest for swing trading in the near future.”
As of the time of writing, FTM is trading at $0.674, experiencing a decrease of nearly 3% in the past 24 hours.
The final altcoin on Van de Poppe’s radar is the layer-1 protocol Sui (SUI). He believes that SUI could surge by almost 40% if it surpasses its immediate resistance at $1.17.
“SUI stands out as one of the top performers in the markets. It has formed a higher low and is aiming for further growth towards $1.60 if the momentum leads to a breakout above $1.17.”
Currently, SUI is being traded at $1.04, showing a decrease of almost 5% for the day.
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