Memecoins
Memecoins collapse, FLOKI and Pepe fall heavily: what will be the next step?
Cryptocurrency markets are facing extreme bearish pressure as the price of Bitcoin is falling heavily after losing the $68,000 support level. This forced other altcoins to undergo a notable pullback as well, in which memecoins took the lead. The tokens that led the top performers now face massive pullbacks. Among them are PEPE and FLOKI, who fear losing their local support very soon.
Pepe (PEPE) price analysis.
Pepe’s price has been rising steadily since it bounced from the bearish pattern a few days ago. Since then, the token has maintained strong growth and marked a new high, which led to it losing more than 20% of its value. Pepe price has printed consecutive bearish candles and is believed to maintain the trend for some more time.
As seen in the graph above, the Price PEPPER it began to decline after making new highs, indicating the possibility of the start of another parallel descending channel. The MACD is about to undergo a bearish crossover, which suggests that the token may reach lower support at $0.0000119. However, a rebound can be expected here, but until then the token may maintain a bearish trend.
FLOKI (FLOKI) Price Analysis
FLOKI price seemed to have followed PEPE’s price rally very closely, as the token also made new highs during the recent rally. Since then, levels have decreased and returned within the range. This indicates that the consolidation may continue for some time before the final breakout.
After the latest pullback, the FLOKI price it appears to follow a parabolic curve and reach the consolidation neckline. The RSI is also moving along the lower trend line and is currently testing this range. If the RSI falls below these levels, the price is also expected to break the curve and test the lower trend line. This could cause another 10% pullback, which could further attract significant buying volume to initiate a new recovery.
Also check: Why is Solana (SOL) price falling today?