According to a widely-followed crypto strategist, a memecoin that is currently a hot commodity may soon see a steep decline.
Analyst Michaël van de Poppe tells his 720,500 followers on the social media platform X that Floki (FLOKI() is likely to see a sharp correction following a rally of more than thirteen times in only a few short months.
“It’s up 1,200% since the start of this run and made a liquidity sweep above the previous high. The risk of a heavy correction is higher than a continuation upward. Interested only after a 30-40% correction, but not here.”
Floki’s value will drop to $0.0002 if a correction of 40% is applied from highs. Floki was worth $0.000265 at the time this article was written, down 5% over the last day.
The smart contract protocol Fantom is a good example.FTMVan de Poppe is of the opinion that altcoins are poised to return support for $0.50.
“Continuously making lower highs and lower lows. It’s tested the $0.60 support multiple times, and a breakdown seems likely. In that case, I have two areas of interest for swing trading in the coming period.”
![Image](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/1718159306_404_Trader-Warns-up-to-40-Correction-on-the-Table-for.jpeg)
FTM currently trades at $0.674, a decrease of nearly 3% within the last 24 hour.
Layer-1 protocol, Sui is the last altcoin that traders are interested in.SUI). Van de Poppe believes SUI will rally by nearly 40% if its immediate resistance is removed at $1.17.
“SUI is one of the strongest performers in the markets. It made a higher low and is looking for continuation towards $1.60 if the momentum is providing a breakout above $1.17.”
![Image](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/1718159306_971_Trader-Warns-up-to-40-Correction-on-the-Table-for.jpeg)
SUI’s current price is $1.04 and it has fallen nearly 5% in the last 24 hours.
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