A widely followed crypto strategist says a deep pullback may be in sight for a scorching hot memecoin.
Analyst Michaël van de Poppe tells his 720,500 followers on social media platform
“Since the start of this run, the price has risen 1,200% and liquidity has risen above the previous high. The risk of a severe correction is greater than of a continued upward trend. Only interested after a 30-40% correction, but not here.”
A 40% correction from the highs will take Floki to $0.0002. At the time of writing, Floki is worth $0.000265, down more than 5% in the past day.
As for the smart contract protocol Fantom (FTM), Van de Poppe thinks the altcoin is ready to revisit the support at $0.50.
“Constantly making lower highs and lower lows. It has tested the $0.60 support multiple times and a breakdown seems likely. Then I have two areas of interest for swing trading in the near future.”
At the time of writing, FTM is trading at $0.674, down almost 3% in the last 24 hours.
The last altcoin on the trader’s radar is fellow layer 1 protocol Sui (SUI). Van de Poppe expects SUI to rise almost 40% if it clears its immediate resistance at $1.17.
“SUI is one of the strongest players on the market. It made a higher low and is looking to continue towards $1.60 if momentum drives a breakout above $1.17.”
At the time of writing, SUI is trading at $1.04, down almost 5% on the day.
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Generated image: Midjourney