Is Floki Going to Zero? FLOKI Price Drops 0.8%, Investors Stack This New GambleFi Token
The Floki Inu (FLOKI) price is under pressure on Monday as weekend optimism in the crypto market succumbs to caution, with investors instead stacking an exciting new GambleFi token called Mega Dice (DICE).
FLOKI was last down close to 5% on the day and trading just to the south of $0.00018.
The meme coin has once again found strong resistance at its 50DMA, suggesting the bulls are yet to regain control.
Chart analysis suggests things are looking good for a potential near-term push higher, however.
In late April, the Floki price snapped its downtrend from its March highs.
It then proceeded to find strong support at this prior downtrend at the start of May, which is a very bullish sign.
Additionally, the Floki price appears to have spent the last few weeks forming an ascending triangle, which tends to form ahead of bullish breakouts.
Assuming FLOKI can soon burst above $0.00020, a quick retest of March highs above $0.00030 would be possible.
Bullish short-term technicals and long-term tailwinds like Floki’s strong community suggest that Floki isn’t going to zero soon.
FLOKI is still a highly speculative crypto to invest in, however. Its bloated $1.7 billion market cap suggests that, while there is still room for upside, any such gains will be hard fought.
Meme coins like Floki lack obvious utility, meaning that they can quickly dump as pessimism sets in.
It’s no wonder that Floki investors are turning to a new utility-packed GambleFi token called Mega Dice.
Crypto investors looking for investments with greater upside potential than Floki should check out presale investing.
Web3 projects and protocols often sell their native tokens at a discount to early investors to raise funds for development.
If presale investors can find a good
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