Memecoins
PEPE and FLOKI record bearish action! Will Memecoin recover this week?
The cryptocurrency market underwent a significant correction in its valuation this past weekend, with top 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. While major memecoins started the week on a bearish note, memecoins like Pepe and Floki saw upward price action, highlighting mixed sentiment in the cryptocurrency sector.
Dive in because, in this article, we have covered the market sentiment and price analysis of Pepe (PEPE) and Floki (FLOKI) and their near-term price targets.
Pepe (PEPE) Price Analysis:
Despite having jumped around 4% in the past, memecoin has lost 17.66% over the past week, indicating growing bearish sentiment for memecoin in the cryptocurrency sector.
The SMA constantly acts as resistance to Price PEPPER chart, suggesting strong bearish sentiment for the altcoin in the cryptocurrency market.
TradingView: PEPE/USDT
The Relative Strength Index (RSI) continues to remain near its midpoint, indicating weak price action for the memecoin in the market. Furthermore, the average shows a bearish curve, suggesting a negative outlook for the Price of PEPE coin this week.
If the market sustains the price above the $0.00001150 support level, the bulls will regain momentum and Pepe price will prepare to test its upper resistance level of $0.00001675. Conversely, bearish price action could push the memecoin towards its lower support level of $0.00000880.
Floki price records a bearish reversal on the chart:
After trading within a closed range between $0.000252 and $0.00030 for over a week, the bulls regained momentum and broke out of the resistance level. however, the Floki price failed to maintain its value above the level, resulting in the memecoin pulling back within the range.
TradingView: FLOKI/USDT
Despite seeing a correction of around 3% over the past day, the Floki cryptocurrency it added 4.10% in the last week and 55.97% in the last 30 days. Furthermore, it has rewarded its investors with a year-to-date return of 644.24%.
The technical indicator, MACD, shows a rising red histogram on the 1D time frame, suggesting greater selling pressure than buying. Furthermore, the averages record a bearish convergence, highlighting that the Floki price will continue to lose value in the coming times.
If the bulls regain momentum, the Floki coin price will prepare to test its upper high of $0.000350 this month. However, if the bears continue to dominate the market, it will collapse and test the low of $0.000199.