Memecoins
PEPE and FLOKI Price Struggle at Support, Here’s What to Expect from Other Memecoins
The markets witnessed a slow trend throughout the past weekend, due to which the prices of the majority of tokens traded in a very narrow range. Additionally, some memecoins are showing some strength and so the rest are expected to follow the trend.
Pepe (PEPE) Price Eyes 12% Upside
Pépé Prize has been facing massive bearish action since the token marked its new ATH at around $0.00001718. While a minor retracement was expected to be followed by a bullish reversal, the current trading set indicates that the reversal could be distinct. Even after the pullback, PEPE price continues to trade in an ascending parallel channel, while the price appears to be heading towards lower support.
Volume declined significantly and the RSI showed bearish divergence. This suggests that the price could reach the local support level of $0.00001, which could portend bullish activity. However, if the bulls fail to react, which seems unlikely, the channel’s lower support could provide a strong base, and if not, the lower support zone around $0.000009 could trigger a strong breakout.
FLOKI Price (FLOKI) Breaks Parabolic Recovery
FLOKI Price closely followed a parabolic recovery and formed a new ATH at $0.0003462. It was thought to be the rebirth of memecoin mania, but bearish activity kicked in and stopped the uptrend. Currently, the price is testing one of the important support levels and is expected to run out if it fails to defend these levels.
As seen in the chart above, FLOKI price has broken out from the parabolic rally recorded before the strong uptrend. Furthermore, the DMI also shows the possibility of a bearish continuation. Therefore, it is believed that the price will reach the intermediate lower support at $0.000244, which could initiate a strong rebound within the parabolic curve.
At the same time, the prices of other memecoins like WIF, BONK, BOME, etc. are increasing. remained in a downward trend. As recent history suggests, the most popular memecoins have been Pepe and FLOKI, and therefore, a sharp rise in their prices could reignite “Memecoin Mania”.