Meme cryptocurrencies have continued to make headlines with their unique branding and meme-inspired themes. However, as with any investment, staying updated about market trends is important. In this article, we’ll delve into the price predictions for two prominent meme coins, FLOKI and PEPE, and explore where these digital assets might be headed.
What you'll learn 👉
FLOKI Lags Behind
Based on price action analysis, FLOKI meme coin could be in for more price declines following its new all-time high just eight days ago. The coin’s price has since dropped by 40%.
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Show more +One of the major bearish signals is that the price has successfully broken and retested the trendline that had been serving as support since mid-May. With this development, we expect the price to continue its downward trajectory, potentially reaching the next major support level around $0.000138, which would still represent more than a 30% fall from the current price level.
However, it’s worth noting that news activity or a general shift in market sentiment could quickly reverse this trend.
Technical Indicators Paint a Bearish Picture for FLOKI Price
The relative strength index (RSI) for FLOKI reveals that sellers are in control, with a reading of 40. Additionally, the RSI suggests that there is a chance for further price drops since the price is not yet in an oversold zone.
Moreover, the Moving Average Convergence and Divergence (MACD) indicator’s histogram is starting to form bearish signals with longer bearish volumes on a daily basis, further reinforcing the negative sentiment surrounding FLOKI.
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Show more +Read Also: Why Is Livepeer’s Crypto Price Pumping? LPT Price Prediction
PEPE Slow but Steady
In contrast to FLOKI’s recent struggles, the price of PEPE has experienced a more gradual decline, plunging by more than 25% over the past three weeks in what appears to be a correction after an upward move.
However, the overall chart pattern remains bullish, forming higher lows and higher highs. The price has now reached the swing low of the ongoing correction where it could start gearing up to continue its rally.
Potential for a Bullish Reversal
In the coming days, we expect the price of the PEPE token to start rising and potentially drive towards its all-time high of around $0.0000172. It’s important to note, however, that a break below the current support level at $0.0000114 would invalidate this bullish pattern.
It is better to wait for confirmation before entering buy positions, as various indicators suggest caution is warranted. The Relative Strength Index for PEPE is currently reading 47, indicating a somewhat neutral stance, and the direction could still be bullish or bearish depending on other factors.
Additionally, the MACD indicator’s signal line is currently above the MACD line, with both lines facing downward, showing the ongoing bearish sentiment.
Conduct Your Own Research
While meme coins have captivated the cryptocurrency community with their unique appeal, it’s crucial to remember that various factors affect the market beyond just price action. Investors should conduct their own research and consider a combination of on-chain analysis, fundamental factors, and price movements before making investment decisions.
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