FLOKI Retraces After Rallying 160% in Two Weeks, Liquidation Map Hints At Deeper Downtrend

FLOKI, at the time of writing, was up 2.37% for the day as Bitcoin [BTC] tried valiantly to climb past the $97k-mark.

FLOKI price encountered some resistance at a key Fibonacci level, sparking fears of a deeper retracement. At the time of writing, the memecoin’s demand had slowed down following a recent 160% ascent.

FLOKI’s inability to break a crucial March high and the subsequent downtrend in June might lead to a concerning scenario.

FLOKI’s 1-month liquidation map also hinted at deeper retracement levels. At press time, these levels were positioned at $0.000225 and $0.000219.

FLOKI technicals hinted at a bearish momentum over the past few days. At the time of writing, the memecoin’s demand had slowed down following a recent 160% ascent.

FLOKI’s inability to break a crucial March high and the subsequent downtrend in June might lead to a concerning scenario.

Highlighting this, the memecoin’s 1-month liquidation map also hinted at deeper retracement levels. At press time, these levels were positioned at $0.000225 and $0.000219.

These had high leverage long positions’ liquidations. In particular, $0.000219 had a relatively high cumulative long liquidation leverage, and could attract prices to it.

To the north, the cumulative short liquidation leverage was smaller, but the $0.000248-$0.00025 area could see a short-term bearish reversal.