BTCNaN
ETHNaN
BNBNaN
SOLNaN
XRPNaN
DOGENaN
BTCNaN
ETHNaN
BNBNaN
XRPNaN
SOLNaN
DOGENaN
Play Article AudioRead
Picture of the author
Henry Kanapi
1 day, 18 hours ago

Trader Warns up to 40% Correction on the Table for Surging Memecoin, Updates Outlook on Fantom and Sui

Play Article AudioRead
A widely followed crypto strategist says that a deep drawdown may be in sight for a scorching-hot memecoin.

Analyst Michaël van de Poppe tells his 720,500 followers on the social media platform X that Floki (FLOKI) may see a severe correction after rallying by more than 13x in just a few months.

“It’s up 1,200% since the start of this run and made a liquidity sweep above the previous high. The risk of a heavy correction is higher than a continuation upward. Interested only after a 30-40% correction, but not here.”

A 40% correction from the highs will take Floki down to $0.0002. At time of writing, Floki is worth $0.000265, down over 5% in the past day.

Turning to the smart contract protocol Fantom (FTM), Van de Poppe thinks the altcoin is poised to revisit support at $0.50.

“Continuously making lower highs and lower lows. It’s tested the $0.60 support multiple times, and a breakdown seems likely. In that case, I have two areas of interest for swing trading in the coming period.”

At time of writing, FTM is trading for $0.674, down nearly 3% in the last 24 hours.

The last altcoin on the trader’s radar is fellow layer-1 protocol Sui (SUI). Van de Poppe sees SUI rallying by almost 40% if it takes out its immediate resistance at $1.17.

“SUI is one of the strongest performers in the markets. It made a higher low and is looking for continuation towards $1.60 if the momentum is providing a breakout above $1.17.”

At time of writing, SUI is trading at $1.04, down nearly 5% on the day.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Follow us on X Facebook and Telegram

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
EDITOR’S CHOICE