A popular crypto analyst predicts a significant drop in value for a trending memecoin.
With a following of 720,500 on X, analyst Michaël van de Poppe suggests that Floki (FLOKI) could experience a sharp decline after surging by more than 13 times in just a short span of time.
“It has increased by 1,200% since the beginning of this upswing and has surpassed the previous high with a liquidity sweep. The likelihood of a substantial correction is greater than a further rise. I would consider getting involved only after a 30-40% drop, not at this point.”
A 40% decrease from the peak would bring Floki to $0.0002. Currently, Floki is valued at $0.000265, showing a decline of over 5% in the last day.
Moving on to the smart contract platform Fantom (FTM), Van de Poppe anticipates that the altcoin could retest support at $0.50.
“Continuously forming lower highs and lower lows. It has repeatedly tested the $0.60 support level, and a breakdown seems probable. In such a scenario, I have identified two potential areas for swing trading in the near future.”
As of now, FTM is trading at $0.674, marking a decrease of nearly 3% in the past 24 hours.
The final altcoin that has caught the trader’s attention is the layer-1 protocol Sui (SUI). Van de Poppe believes that SUI could surge by around 40% if it surpasses its immediate resistance at $1.17.
“SUI is showing strength in the markets, forming a higher low and aiming for a continuation towards $1.60 if the momentum leads to a breakout above $1.17.”
At present, SUI is being traded at $1.04, experiencing a decrease of almost 5% for the day.
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