Memecoins
PEPE and FLOKI prices struggle at support, here’s what to expect from other Memecoins
The markets witnessed a sluggish trend over the past weekend, due to which the prices of most tokens traded within a very narrow range. Furthermore, some memecoins are showing some strength and thus the rest are expected to follow the trend.
Pepe (PEPE) Watch out for prices rising by 12%.
Pepper Price has faced massive bearish action since the token marked its new ATH at around $0.00001718. Although a small retracement was expected to be followed by a bullish reversal, the current trading scenario indicates that the reversal may be distinct. Even after the pullback, PEPE price continues to trade inside a parallel ascending channel as the price appears to be heading towards the lower support.
Volume dropped significantly and the RSI showed a bearish divergence. This suggests that the price may reach the $0.00001 local support level, which could predict bullish activity. However, if the bulls fail to react, which seems unlikely, the lower support of the channel could offer a solid base, and if not, the lower support zone around $0.000009 could trigger a strong breakout.
FLOKI (FLOKI) Price breaks down parabolic recovery
FLOKI price it was closely following a parabolic rally and formed a new ATH at $0.0003462. This was supposed to be the awakening of memecoin mania, but bearish activity took over and stopped the bullish trend. Currently, the price is testing one of the important support levels and is expected to fall heavily if it fails to defend the levels.
As seen in the chart above, the FLOKI price collapsed after the parabolic recovery, recorded before the strong upward trend. Furthermore, the DMI also shows the possibility of a bearish continuation. Therefore, the price is believed to reach the tentative lower support at $0.000244, which could initiate a strong rebound inside the parabolic curve.
Furthermore, the prices of other memecoins such as WIF, BONK, BOME, etc. they remained in a downtrend. As recent history suggests, the best memecoins have been Pepe and FLOKI, and therefore a sharp increase in their prices could revive the “Memecoin Mania”.