A widely followed crypto strategist says that a deep drawdown may be in sight for a scorching-hot memecoin.<\/p>\n
Analyst Micha\u00ebl van de Poppe tells his 720,500 followers on the social media platform X that Floki (FLOKI<\/a>) may see a severe correction after rallying by more than 13x in just a few months.<\/p>\n \u201cIt\u2019s 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.\u201d\u00a0<\/em><\/p>\n 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.<\/p>\n Turning to the smart contract protocol Fantom (FTM<\/a>), Van de Poppe thinks the altcoin is poised to revisit support at $0.50.<\/p>\n \u201cContinuously making lower highs and lower lows. It\u2019s 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.\u201d\u00a0<\/em><\/p>\n At time of writing, FTM is trading for $0.674, down nearly 3% in the last 24 hours.<\/p>\n The last altcoin on the trader\u2019s radar is fellow layer-1 protocol Sui (SUI<\/a>). Van de Poppe sees SUI rallying by almost 40% if it takes out its immediate resistance at $1.17.<\/p>\n \u201cSUI 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.\u201d\u00a0<\/em><\/p>\n At time of writing, SUI is trading at $1.04, down nearly 5% on the day.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A widely followed crypto strategist says that a deep drawdown may be in sight for a scorching-hot memecoin. Analyst Micha\u00ebl 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. \u201cIt\u2019s up 1,200% […]<\/p>\n","protected":false},"author":2,"featured_media":321638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-321635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=321635"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321635\/revisions"}],"predecessor-version":[{"id":321640,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321635\/revisions\/321640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/321638"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=321635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=321635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=321635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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