FLOKI Price Falls 21% in a Day, Open Interest Drops by a Fifth

FLOKI’s price has experienced a significant drop of 21% within a day, leading to concerns about further losses in the near future. This decline in price is a reflection of the growing pessimism among investors, which could impede the stabilization efforts for the meme coin. The Open Interest for FLOKI has also seen a substantial decrease, falling by $4 million in just one day. This represents a fifth of its previous total, indicating a shift in market sentiment. Such a decline suggests that traders and investors are reevaluating their positions, leading to a decrease in speculative activity and confidence. Additionally, FLOKI’s Relative Strength Index (RSI) has not been able to surpass the neutral line, highlighting continued bearish sentiments. The combination of a significant drop in Open Interest and a bearish RSI presents challenges for FLOKI in reversing its current trend. These indicators point towards a dominant bearish market and the potential for further downward pressure on FLOKI’s price in the short term. However, there are key levels to watch, such as $0.0001326, where a breakthrough could lead to a freefall below $0.0001000. On the other hand, if FLOKI price bounces back from $0.0001484, it could invalidate the bearish thesis and potentially regain support levels at $0.0001856 and even surpass $0.0002000.