Memecoins
Memecoins collapse, FLOKI and Pepe take a big dive: what’s next?
Crypto markets are facing extreme bearish pressure as Bitcoin price falls sharply after losing the $68,000 support level. This also forced other altcoins to suffer a notable pullback, in which memecoins took the lead. Tokens that were leading the best performers are now facing massive pullbacks. Among them are PEPE and FLOKI, which risk losing their local support very soon.
Pepe (PEPE) Price Analysis
Pépé’s price has seen steady growth since rebounding from the downtrend a few days ago. Since then, the token has maintained a strong rise and marked a new ATH, causing it to lose over 20% of its value. Pepe price has printed consecutive bearish candles and is expected to maintain the trend for some more time.
As shown in the graph above, the PEPE Price started to decline after reaching new highs, indicating the possibility of the start of another descending parallel channel. The MACD is about to undergo a bearish crossover, which suggests that the token could reach lower support at $0.0000119. However, a rebound can be expected here, but until then, the token may maintain a downtrend.
FLOKI (FLOKI) Price Analysis
FLOKI Price seems to have followed the PEPE price rise very closely, as the token also reached new highs during the recent rally. Since then, the levels have emptied and returned to the range. This indicates that the consolidation could continue for a little longer before the final breakout.
After the last withdrawal, the FLOKI Price appears to follow a parabolic curve and reach the consolidation neckline. The RSI is also located along the lower trendline and is currently testing this range. If the RSI breaks below these levels, the price should also break the curve and test the lower trendline. This could lead to another 10% pullback, which could attract more large buying volumes and initiate a new rally.
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