Floki Crashes below $0.00010 as Long-Dormant Address Wakes Up to Sell

With the meme coins under pressure, FLOKI crashes with a long-dormant address waking up to sell. Will the FLOKI drop below $0.00010?

Floki Inu (FLOKI) price continues its bearish trend with a 5.77% intraday drop. The meme coin price witnessed a 12.59% drop last night, while the past 24 hours saw a 17% decrease in the FLOKI price. Now, what caused this sudden price drop in Floki Inu? Let’s find out.

Floki Inu Price Analysis: Key Points To Watch Out For Today

A 17% price drop in the past 24 hours put the meme coin in a tough spot. While the bulls failed to absorb the sudden supply, the deposit times with a massive dip in the FLOKI price. Moreover, a long-dormant Floki whale wallet linked to the official project team wakes up after 2.5 years, leading to these bearish actions.

Upon further inspection, we can see that the wallet is depositing 15.22 billion FLOKI tokens valued at $2.27 million at the time into Binance. Notably, the wallet held the FLOKI tokens from the original release by the Floki deployer in early 2022, when the Floki price was $0.0000307.

As evident by these figures, the holder has experienced substantial gains. Now, let’s delve into the technical analysis of Floki Inu (FLOKI).

Floki Inu Technical Analysis: FLOKI Price Crashes As Long-Dormant Whale Wakes Up

As depicted on the daily time frame, two consecutive bearish candles completely shifted the underlying sentiment in Floki Inu (FLOKI). Commencing with the 12-hour chart, the FLOKI price action showcases a double-bottom reversal from the $0.00010 psychological mark.

This occurred after a massive 10-day falling streak of 40% in early August, where bulls finally stepped in at the bottom support. Further, the double-bottom reversal successfully reclaims the $0.00015 psychological mark.

However, the recent crash quickly resulted in a new negative cycle approaching the psychological mark again, approaching the bottom psychological support level once more.

Now, shifting our attention to the daily time frame, we can observe the bearish actions in greater detail. Here, the increasing supply pressure showcases the MACD indicator’s average lines preparing for a bearish crossover.

Meanwhile, the daily RSI line also reveals a massive downtick crossing under the 14-day Simple Moving Average (SMA) and the halfway line, indicating further bearishness in the Floki Inu (FLOKI) price.