PEPE Coin (PEPE) and FLOKI, two popular meme-inspired cryptocurrencies, have experienced significant price increases in the last 24 hours, with PEPE gaining 10.39% and FLOKI surging by 27.41%. These impressive gains have reignited interest in the meme coin sector, as investors and traders seek to capitalize on the potential for further upside.
PEPE Coin Rebounds and Breaks Out of Descending Channel
Our analysis reveals that PEPE Coin has rebounded after hitting its previous support level of $0.000005 on March 5. Following this bounce, PEPE reached a high of $0.00001 before experiencing a price drop alongside the broader market slump. However, PEPE has now broken out of a descending channel, signaling a potential trend reversal and further upside potential.
PEPE is currently trading at $0.000008169, with a 24-hour low and high of $0.000006859 and $0.000008551, respectively. The token’s market capitalization has increased by 11.38% to $3,467,859,531, ranking it 40th among all cryptocurrencies.
The 200-day moving average (MA) for PEPE stands at $0.00000177. When a token trades above its 200-day MA, it is generally considered a bullish sign, indicating that the long-term trend is positive. With PEPE trading well above this level, the token appears to have significant room for growth.
The daily chart Relative Strength Index (RSI) for PEPE is currently at 69. An RSI above 70 typically indicates that a token is overbought and may be due for a correction. However, strong bull markets can cause tokens to remain overbought for extended periods, and relying solely on the RSI for investment decisions is not advisable.
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Show more +FLOKI Surges 27% and Breaks Out of Descending Channel
FLOKI, another prominent meme coin, has also experienced a substantial price increase, gaining 27.41% in the last 24 hours. The token is currently trading at $0.0002358, with a 24-hour low and high of $0.0001736 and $0.0002573, respectively. FLOKI’s market capitalization has risen by 27.41% to $2,253,414,945, placing it 56th among all cryptocurrencies.
Similar to PEPE, our analysis shows that FLOKI has broken out of a descending channel, indicating a potential trend reversal and further upside potential.
The 200-day moving average (MA) for FLOKI stands at $0.00004747. With the token trading above this level, it suggests that the long-term trend is positive.
The daily chart Relative Strength Index (RSI) for FLOKI is currently at 72. An RSI above 70 typically indicates that a token is overbought and may be due for a correction. However, as mentioned earlier, tokens can remain overbought for extended periods in strong bull markets.
Significantly, this surge aligns with a noteworthy announcement from Floki and TokenFi, revealing their partnership as the official cryptocurrency partner for the upcoming World Table Tennis Championship in Incheon, South Korea. Additionally, TokenFi (TOKEN) experienced a rally subsequent to the announcement.
The collaboration with the World Table Tennis Championship signifies a significant advancement. Furthermore, the event’s extensive viewership, anticipated to reach approximately 450 million individuals globally, provides Floki with an unparalleled platform to exhibit its brand and underlying technology to a diverse and expansive audience.
The recent price surges of PEPE Coin and FLOKI demonstrate the resilience and potential of meme-inspired cryptocurrencies. As these tokens break out of descending channels and trade above their 200-day moving averages, investors and traders are taking notice of the potential for further upside.
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