Memecoins
FLOKI rises by over 25%, while PEPE and DOGE recover ground!
Like the price of Bitcoin gains some momentum, memecoins have started a nice upward trend. While the most popular ones struggle to attract attention, FLOKI leads the rally with a jump of over 25%, followed by BONK with over 10%. SHIB and WIF are also showing some strength, while DOGE and PEPE are posting marginal gains.
Now the question arises: can this move be considered the beginning of Memecoin Mania?
THE FLOKI price was trading with huge bullish influence as the token took a step closer to its ATH. With a slight increase in market strength, sentiments changed from neutral to hopeful, which triggered the rally. The token made a parabolic curve and the latest recovery triggered a rise from the neckline. However, now that the price has risen without retracement, the bulls are expected to face extreme exhaustion before marking a new milestone.
Meanwhile, the bigger picture suggests diversified price action, where FLOKI is seen hitting new highs above $0.0004.
The daily chart suggests the possibility of a retracement, but after remaining high for a while. Furthermore, the weekly chart suggests probable highs at $0.0004, which could trigger a pullback as suggested earlier. The reason for the speculation is the formation of a cup and handle, which could be completed at these levels. This pattern is widely considered bullish and therefore a breakout is widely expected, supported by the StochRSI, which has just bounced off the lower range.
Overall, FLOKI seems to have taken the lead among memecoins, while other popular ones are following the trend. Therefore, the price is expected to maintain a strong recovery and reach 1.2 FIB levels which may attract bearish forces for a while. However, after a slight consolidation, FLOKI price may hold $0.00004 levels and continue heading towards new highs.