Memecoins
PEPE and FLOKI record bearish action! Will Memecoins Rebound This Week?
The cryptocurrency market saw a significant correction in its valuation over the past weekend, with major tokens seeing a notable correction in their respective portfolios.
Following the trend, the memecoin category showed a similar trend and broke its important support levels. Although top memecoins started the week on a bearish note, memecoins like Pepe and Floki saw a price rally, highlighting mixed sentiment in the crypto space.
Dive in because, in this article, we have covered the market sentiment and price analysis of Pepe (PEPE) and Floki (FLOKI) and their short-term price targets.
Pepe (PEPE) Price Analysis:
Despite seeing a jump of around 4% in the past, memecoin lost 17.66% over the past week, indicating a growing bearish sentiment for memecoin in the crypto space.
The SMA constantly acts as resistance to PEPE Price chart, suggesting strong bearish sentiment for the altcoin in the cryptocurrency market.
TradingView: PEPE/USDT
The relative strength index (RSI) continues to oscillate near its midpoint, indicating weak memecoin price action in the market. Additionally, the average exhibits a bearish curve, suggesting a negative outlook for the market. Prices of PEPE parts this week.
If the market sustains the price above the support level of $0.00001150, the bulls will regain momentum and Pepe price will prepare to test its upper resistance level of $0.00001675. Conversely, bearish price action could pull memecoin towards its lower support level of $0.00000880.
Floki Price records a bearish reversal in the chart:
After trading in a closed range between $0.000252 and $0.00030 for over a week, the bulls regained momentum and broke out from the resistance level. However, the Floki Price failed to maintain its value above the level, resulting in memecoin falling back into the range.
TradingView: FLOKI/USDT
Despite recording a correction of around 3% over the past day, the Cryptocurrency Floki added 4.10% over the past week and 55.97% over the past 30 days. Additionally, it has rewarded its investors with a cumulative return of 644.24%.
The technical indicator, MACD, displays an ascending red histogram on the 1D timeframe, suggesting increased selling-over-buying pressure. Additionally, the averages record a bearish convergence, highlighting that Floki price will continue to lose value in the times to come.
If the bulls regain momentum, Floki coin price will prepare to test its high of $0.000350 this month. However, if the bears continue to dominate the market, the market will dive and test its low of $0.000199.