FLOKI Meme Coin Pumps 800% in 2 Months, But Here’s Why an Elite Trader Expects a 40% Correction

FLOKI has been on a great run lately, pumping over 800% in just the past two months. As of press time, FLOKI is trading around $0.00023 with a market cap of around $2.2 billion, making it one of the largest meme coins behind only DOGE, SHIB, PEPE and WIF.

However, according to FieryTrading, one of the most popular traders on TradingView with over 50,000 followers, FLOKI may be due for a significant correction. In his analysis, FieryTrading states:

“FLOKI has seen incredible gains over the last few weeks, gaining over 800% in the last 2 months. However, I think that FLOKI is due to a minor correction…I’m aiming for a retest of the Fibonacci Golden Pocket area between the 0.382 and the 0.5 retracements, a 30-40 percent correction from here.”

FieryTrading cites two key reasons for his bearish stance on FLOKI in the near-term. First, he notes that FLOKI is “incredibly overbought” after the meteoric rise. Second, the meme coin has hit its previous all-time high resistance area, which has historically led to pullbacks.

Supporting FieryTrading’s thesis of an imminent correction, FLOKI’s Relative Strength Index (RSI) is currently hovering between 30-35 across all timeframes. An asset with an RSI below 30 is generally considered oversold, indicating bearish momentum has become extreme and the sell-off may be nearing exhaustion.

With FLOKI’s RSI dipping into the oversold territory, it signals the meme coin has become overextended to the downside in the short-term after the recent 5% dip. This oversold RSI reading increases the potential for a corrective bounce or consolidation period for FLOKI before resuming its broader uptrend.

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While a 30-40% correction may sound severe, FieryTrading points out that “FLOKI has seen multiple weeks where it corrected over 30% in a single week” during its blistering rally. He views any sizable dip as “a very good entry point for investors which have been waiting for a good entry.”

Looking ahead, if FLOKI does retrace to the Fibonacci levels around $0.00016 to $0.00020 as FieryTrading predicts, that could present an attractive buying opportunity for the meme coin mania to continue.

However, a break below those key Fibonacci support levels could potentially spark an even deeper correction for FLOKI in the near-term. FLOKI’s resilience and ability to find support during any pullback will be critical for maintaining its impressive uptrend.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency