#FLOKI? will DUMP Hard ⁉️
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Yesterday's market was on fire, thanks to GameStop's performance, which boosted meme coins like FLOKI and PEPE. However, the momentum has slowed down since last night, with a series of hourly selloffs.
Here's the current situation:
- $20 million in long positions are at risk of being sold off, which could lead to a price dump.
- The crucial support level of 2600 is under threat.
Now, let's look at the possible scenarios:
Bullish Case: If open interest increases, we might see a consolidation above 2600, followed by a breakout to 3100.
Bearish Case: If open interest doesn't increase, a coordinated selloff may continue, leading to a drop below 2600, and a neutral market consolidating around 2370.
So, what's the plan?
- Keep a close eye on open interest to determine the market's direction.
- Wait for either the 2600 support level to break or the 2720 level to break to determine the next move.
Stay vigilant, and let's ride this market wave together!
