FLOKI Drops 11% in 24H Amid Bearish Market Trends
Key Takeaways
- FLOKI loses over 11% of its value within 24 hours
- The decline is intensified by selling pressure in both the spot and derivatives markets
- Ongoing sell-off by spot traders since March 10
- Key indicators point to a continued downward trend
FLOKI Under Selling Pressure – What’s Behind It?
Over the past 24 hours, FLOKI has lost more than 11% of its value, making the memecoin one of the biggest losers in the crypto market. On a weekly basis, it’s down approximately 23%. The selling pressure is coming from both the spot and derivatives markets. The data shows that the bears are currently in control.
Liquidity Zones Pulling the Price Down
A look at the FLOKI/USDT liquidation heatmap chart reveals several liquidity clusters below the current price of USD 0.00006075. These clusters are formed by open, unfilled orders in the derivatives market. They act like a magnet and pull the price downward.
Particularly notable: one cluster extends down to USD 0.000058147 – an area with little significant liquidity. This could serve as a short-term bottom before a potential recovery.
Derivatives Market: Selling Volume Dominates
In the derivatives market, the selling side clearly dominates. The long-to-short ratio is at 0.7828 – well below the neutral value of 1. This means there are more short positions (bets on falling prices) than long positions.
Open interest (open contracts) is also declining. Currently, only about USD 14.76 million in open positions remain in the market – a sign that many long positions have been liquidated. The weighted funding rate is at -0.0143%, indicating a strongly bearish sentiment among derivatives traders. The last time conditions were this negative was in early March.
Spot Traders Have Been Selling for Three Weeks
The spot market also paints a clear picture: since March 10, investors have been consistently pulling out. Over the past three weeks, approximately USD 1.75 million has been withdrawn from the FLOKI spot market, according to data from Coinglass. These outflows further reinforce the downward trend.
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Our Assessment
FLOKI is currently in a clear downtrend. Selling pressure is coming from both short-term oriented derivatives traders and long-term spot traders. The technical analysis shows that as long as liquidity clusters remain below the current price and indicators such as open interest and funding rate stay negative, a short-term recovery is unlikely.
Whether FLOKI finds a bottom around USD 0.000058 depends on whether selling volume weakens and buyers return to the market. For now, however, bearish signals are prevailing.
Sources
- Coinglass
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