While the cryptocurrency market eagerly awaits the FED‘s decision, this anticipation has caused volatile price movements in Bitcoin and the rest of the market. This downward trend, linked to the volatile price movement, was interpreted as market participants preparing for negative news. Meanwhile, a well-known investor in the market created unease by presenting a potential decline scenario for a meme coin.
Analyst’s FLOKI Coin Commentary
Michaël van de Poppe, a well-known analyst in the market, examined multiple cryptocurrencies on the social media platform X. Among these, FLOKI caught his attention. Considering that Floki (FLOKI) has increased more than 13 times in just a few months, the analyst suggested that a significant correction could occur in the market.
It has increased by 1,200% since the start of this run and conducted a liquidity sweep above the previous high. The risk of a heavy correction is higher than an upward continuation. It becomes interesting only after a 30-40% correction, but not here.
Following a potential 20% correction from its current levels, Floki’s price could drop to $0.0002. As of the time of writing, Floki was trading at $0.000235, following a more than 14% drop in the last 24 hours.
FTM Price Update
After Floki, Van de Poppe also reviewed the smart contract protocol Fantom (FTM), highlighting that the altcoin might revisit the $0.50 support level once again.
It consistently makes lower highs and lower lows. It has tested the $0.60 support multiple times, and a breakdown seems likely. In this case, I have two areas of interest for swing trading in the coming period.
As of the time of writing, Fantom (FTM) continues to find buyers at $0.632, following a 7% drop in the last 24 hours.
SUI Commentary
The last cryptocurrency examined by the analyst was the layer-1 protocol Sui (SUI). Van de Poppe indicated that if SUI could break above the resistance at the $1.17 region, it could potentially rise by 40%.
SUI is one of the strongest performers in the markets. It made a higher low, and if momentum breaks above $1.17, it will continue towards $1.60.
As of the time of writing, SUI is trading at around $0.997, following a 3.61% drop during the day. SUI’s market cap has fallen to $2.42 billion, while its 24-hour trading volume has dropped to $285 million.
