Floki Inu (FLOKI) Price Prediction: Will Floki Hit New Highs in 2023?

Floki's price is bound for recovery, but how strong the rise would be is the question. Since the meme coin is backed by whales aiming for the same

Floki (FLOKI) is showing signs of recovering from the recent price drop, with the meme coin’s price aiming to return to its previous highs. However, the strength of this recovery will depend on two key factors: Bitcoin’s price trajectory and the activity of large crypto holders, known as whale addresses.

Floki Price Gearing Up for a Recovery

After hitting a roadblock at the $0.0001856 resistance level, Floki’s price is attempting to recover with a return to its previous highs. If successful, this move could take FLOKI to the $0.0002000 mark, signaling a recovery of the lost profits.

However, the possibility of Floki’s price not breaching past the resistance barrier is also significant, considering how it was rigorously tested as resistance in recent times.

If this scenario unfolds, it could lead to a downturn, with Floki’s price dropping to the $0.0001326 support level. Losing this support would completely negate the bullish narrative, leading to further losses.

Floki’s price is currently trading at $0.0001497, having dropped significantly from its all-time high of $0.0005088. The meme coin is also revealing a high correlation with Bitcoin, with a coefficient of 0.84.

This correlation indicates that Floki’s price movements are closely mirroring those of BTC, making the meme coin highly dependent on the price trajectory of the leading cryptocurrency.

As a result, Floki’s price is expected to recover following the trend set by Bitcoin. This relationship provides optimism for investors, as Bitcoin’s performance can serve as an indicator of Floki’s future trajectory.

The above is the detailed content of Floki Inu (FLOKI) Price Prediction: Will Floki Hit New Highs in 2023?. For more information, please follow other related articles on the PHP Chinese website!