The market has faced a correction today as all of the top 10 coins have entered the red zone.
Top coins by CoinMarketCap
The rate of DOGE has gone down by 7.11% over the last day.
DOGE/USD chart by TradingView
DOGE is coming closer to the vital support level at $0.1940 on the daily chart. The fall is accompanied by increased trading volume, which means that the breakout may cause a huge drop.
If that happens and the meme coin fixes below the blue line, the decrease may get DOGE to $0.15 soon.
DOGE is trading at $0.2146 at press time.
SHIB has lost even more with a decline of more than 10%.
SHIB/USD chart by TradingView
SHIB is facing a similar price action as it is also approaching the crucial level of $0.00003528.
If bears break it, there is a good chance to see the continued decline to the zone of the most liquidity around $0.000030.
SHIB is trading at $0.00003808 at press time.
FLOKI is not an exception to the rule as it is also going down.
FLOKI/USD chart by TradingView
Despite the fall, FLOKI remains trading in a wide channel. At the moment, neither bulls nor bears have seized the initiative so far. However, if sellers manage to fix below the support at $0.00013258 on the daily chart, that may be a prerequisite for a further price decline.
Shiba Inu Competitor Floki Partnered with Biggest Football Club in Russia
Floki Inu joins one of the biggest football clubs in Russia: Spartak Moscow.
Floki Inu has scored yet another partnership with a large football club after making a deal with the most-followed football club in India. This time, Floki has become as official partner of one of the largest football clubs in Russia: Spartak Moscow.
The football club’s public relations manager stated that the club is looking forward to the future and opening up new possibilities for partnerships. “Spartak” has decided to start the partnership with an innovative digital platform that is already being trusted by numerous sports brands.
The partnership includes the placement of the Floki logo on the team’s jerseys, LED panels on the field and additional marketing events that will be aimed at promoting one of the largest Shiba Inu competitors.
Floki is already being actively promoted on social media, billboards and transport networks, and working with sports celebrities and teams all over the world, including WBC heavyweight champion Tyson Fury, top-tier Italian Napoli FC and German Bayer FC.
Floki’s rapid development
According to Spartak’s press release, Floki is a community coin and project with the goal of changing the cryptocurrency industry by making it more safe and secure in the eyes of retail investors with the help of memes and social commitment.
Floki is currently developing a whole new ecosystem that will help the cryptocurrency industry to become mainstream. The new Floki-verse is based on the play-to-earn model that currently remains one of the most trending branches of the NFT industry.
Currently, Floki remains one of the most rapidly-growing projects on the market with almost 400,000 holders on the blockchain. The cryptocurrency is aiming to become one of the biggest meme coins on the market and become a serious rival for such projects as Shiba Inu and Dogecoin.
Floki Inu Price Prediction: FLOKI Double Bottom Pattern Aims for A 51% Rise To $0.000226
Floki Inu price is exchanging hands at $0.000149, 25.62% higher than Monday’s intra-day low around $0.00011870. The FLOKI bulls have been focused on undoing losses that gripped the entire market last week and extended during the flash crash that had the entire crypto market in the red over the weekend.
Floki Inu Price To Reclaim The Crucial $0.000220 Support
FLOKI/USDT price appears to have formed a double-bottom pattern on the four-hour chart after the sell-off was halted at $0.00011870. This level is embraced by the November 28 intra-day low confirming the formation of a double-bottom chart patter. This is an exceptionally bullish chart pattern that often results in a trend reversal.
Note that this pattern forms when an asset tests a support level twice without breaking below it. The two bottoms are usually separated by a moderate peak as shown on the FLOKI/USDT four-hour chart.
A breakout from this technical pattern will be confirmed when the Floki Inu price jumps over the resistance level equal to the peak at $0.000226. If FLOKI reaches this level, it would have surged approximately 51.83% from the current price rising above the all-important $0.000220 psychological level.
FLOKI/USDT Four-Hour ChartLive Chart
This bullish narrative is reinforced by the Moving Average Convergence Divergence (MACD) that has sent a buy FLOKI signal on the four-hour chart. This occurred during the late New York trading sessions when the MACD line (blue) crossed over the signal line. The uptrend will gain more momentum once the MACD crosses the neutral line into the positive region.
Note that a daily closure above the immediate barrier at $0.000470 is crucial to sustaining the anticipated upward breakout.
Can FLOKI’s Upward Breakout Be Invalidated?
It is worth noting that the uptrend will be invalidated if the RSI retraces back towards the oversold zone. Closing the day under the $0.000145 support level will also curtail the recovery efforts and trigger another sell-off, resulting in another correction towards the November 28 low at $0.00011870.
With three, top gaining Floki tokens in the picture, it’s time to talk about red flags
With the holidays right around the corner, it is the season for new investments and naturally, more dog coins. At press time, two top gainers on CoinMarketCap – both inspired by Elon Musk’s Floki puppy – were catching eyes. However, at this point, it appeared that the investors need to ask some serious questions before they decide to bring the puppies home.
Do some ‘pupper’ research
Two top performers on CoinMarketCap were Prince Floki V2 [PrinceFloki] and Christmas Floki X [CFlokiX], both tokens based on the Binance Smart Chain. At press time, Price Floki V2’s price was $0.0000001441 and the coin saw a rally of more than 1400% in just a day.
Meanwhile, Christmas Floki X was changing hands at $0.00000001824 and spiked around 846% during the same interval.
Prince Floki claimed to reward users with Dogecoin [DOGE] in return for holding. What’s more, the white paper discussed the token’s rebase function, which would reportedly adjust coin supplies. The white paper noted,
“…we can be on the top gainers parts of websites due to the illusion of a rise in price floor so is a brilliant marketing tool in itself.”
Time to sniff out the facts
The age of a crypto token’s official website can tell potential investors a lot about how much time and expertise was invested in the project. That said, Prince Floki’s website was created in early October.
On 3 December, however, another Floki themed coin – Universal Floki Coin [UFLOKI] – hit a price of $0.00000002923, or rallied by 205878808.75% in 24 hours. UFLOKI was also a Binance Smart Chain token.
Adopt, don’t shop
How badly could a dog coin investment go? Well, users are accusing Snowdog [SDOG], a token on the Avalanche C-Chain, of being a rug pull. Insiders reportedly took millions in funds, leaving investors shocked and confused as the meme token plunged in value from thousands of dollars to less than $100 in a matter of days.
As of press time, CoinMarketCap had not marked SDOG as a rug pull.