A popular crypto analyst is warning of a potential significant drop for a trending memecoin.
With a large following of 720,500 on X, analyst Michaël van de Poppe suggests that Floki (FLOKI) could experience a substantial correction after surging more than 13 times in just a few months.
“It has surged by 1,200% since the beginning of this rally and recently surpassed its previous high in a liquidity sweep. The risk of a major correction is higher than further upward movement. I would only consider getting involved after a 30-40% correction, not at this level.”
Van de Poppe predicts that a 40% correction from the peak would bring Floki down to $0.0002. Currently, Floki is valued at $0.000265, showing a decrease of over 5% in the last day.
Shifting focus to the smart contract protocol 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, indicating a potential breakdown. In that scenario, I have identified two areas of interest for swing trading in the near future.”
At the time of writing, FTM is priced at $0.674, with a decrease of nearly 3% in the past 24 hours.
The final altcoin on Van de Poppe’s watchlist is the layer-1 protocol Sui (SUI). He believes that SUI could surge by almost 40% if it surpasses its immediate resistance at $1.17.
“SUI has been one of the top performers in the market, forming a higher low and showing signs of moving towards $1.60 if the momentum leads to a breakout above $1.17.”
As of now, SUI is trading at $1.04, with a drop of nearly 5% for the day.
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