Floki Nears Critical Support: Will a Double Bottom Spark a Massive Reversal?

Floki teeters on the edge—again. The memecoin’s latest dip has traders eyeing a potential double bottom, the classic reversal pattern that could either save bulls or become another 'hopium' trap.

Key levels in play: If support holds, we’re looking at a textbook bounce. If not? Well, another 'rug pull' might join crypto’s greatest hits—right between 'institutional adoption' promises and 'next-cycle narratives.'

Pro tip: Watch the volume. No pump is legit without it—unless you enjoy buying the dip before the next dip.

Key technical points

• Current Trend: Bearish correction after rejection from key resistance.
• Critical Support Zone: Approaching previous rally origin, potential double bottom area.
• Volume Behavior: Low during decline, volume surge required for bullish confirmation.
• Reversal Signal: Reclaiming the value area high would confirm structure shift.

Floki’s decline began with a clean rejection at the value area high and a breakdown through the point of control, signaling weakening structure and a shift in trend. Since then, price action has drifted lower with minimal volume support, highlighting a lack of buyer conviction.

Now, FLOKI is trading near the origin of its last major rally, an area that previously triggered strong upward momentum. If price can hold this support zone and establish a base, there is a strong technical case for a double bottom formation. However, this setup is still in early development.

Confirmation WOULD require Floki to consolidate in this region and reclaim the value area high with a meaningful increase in volume. Without an influx of demand, the double bottom setup could fail, leaving room for continued downside.

This formation represents a key inflection point within the broader trading range. Until Floki reclaims high timeframe resistance with conviction, price is likely to remain rotational.

What to expect in the coming price action

Floki is nearing a make-or-break support level. If a double bottom forms and the value area high is reclaimed on volume, a new rally could begin. Otherwise, further downside remains in play. The developing structure is worth watching, as it may signal the early stages of a macro reversal, but only if bulls step in decisively.