Date: Fri, June 06, 2025 | 05:36 AM GMT
The broader cryptocurrency market remains under pressure as a new wave of pullbacks continues to rattle major assets. The political standoff between Elon Musk and Donald Trump further intensified the bearish mood across social media, contributing to a quick dip in Bitcoin (BTC) to around $102,000 and Ethereum (ETH) sliding to $2,450. This correction hasn’t spared memecoins either—Floki (FLOKI) included.
FLOKI has extended its weekly decline to 14%, with traders reacting to the broader market trend.
However, a closer look at the technical setup reveals that this downtrend might be approaching exhaustion. Early reversal signals are beginning to emerge, suggesting a potential short-term bottom may be in place.
Elliott Wave Principle Hints at Bullish Reversal
According to the latest insight from prominent crypto analyst Blunt, FLOKI’s structure has completed a perfect five-wave move to the upside followed by a clean three-wave corrective pullback. Importantly, the retracement has landed right at the 0.618 Fibonacci level—a common zone where bullish reversals tend to begin.
The correction has likely wrapped up its wave (c) of the ABC structure, and if the current price holds this level, it could mark the beginning of a new impulse wave to the upside. Blunt also pointed out that all subwaves within the correction appear to be accounted for, adding further conviction to the bullish thesis.
The 12-hour RSI is also showing bullish divergence, with price making lower lows while RSI prints higher lows—indicating weakening selling pressure. The RSI reading is currently near 33, a level from where previous rebounds have occurred, suggesting that FLOKI could be oversold in the short term.
What’s Next for FLOKI?
If FLOKI manages to hold this crucial 0.618 support near $0.00007560, it could trigger a fresh leg higher. The projected path suggests potential upside targets around $0.00011, $0.00013, and eventually $0.00015, depending on how strong the rebound becomes. A clean breakout above these zones could put FLOKI back on track toward new local highs, especially if bullish momentum returns across the memecoin space.
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