PEPE And FLOKI Records Bearish Action! Will Memecoins Bounce Back This Week?

The cryptocurrency market has experienced a significant correction in its valuation over the past weekend, with top tokens recording a notable correction in their respective portfolios.

Following the trend, the memecoin category displayed a similar trend and broke down their important support levels. Despite top memecoins starting the week on a bearish note, memecoins like Pepe and Floki experienced an upward price action, highlighting a mixed sentiment in the crypto space.

Dive in as, in this article, we have covered the market sentiment, and price analysis of Pepe (PEPE) and Floki (FLOKI) and their short-term price targets.

Pepe (PEPE) Price Analysis:

Despite recording a jump of approximately 4% within the past, the memecoin has lost 17.66% over the past week, indicating a rising bearish sentiment for the memecoin in the crypto space.

The SMA constantly acts as a resistance to the PEPE price chart, suggesting a strong bearish sentiment for the altcoin in the cryptocurrency market.

The Relative Strength Index (RSI) continues to hover close to its mid-point, indicating a weak price action for the memecoin in the market. Moreover, the average shows a bearish curve, suggesting a negative outlook for the PEPE coin price this week.

If the market holds the price above the support level of $0.00001150, the bulls will regain momentum and the Pepe price will prepare to test its upper resistance level of $0.00001675. Conversely, bearish price action could pull the memecoin toward its lower support level of $0.00000880.

Floki Price Records A Bearish Reversal In 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 hold its value above the level, resulting in the memecoin experiencing a pullback within the range.

In spite of recording a correction of approximately 3% within the past day, the Floki crypto has added 4.10% within the past week and 55.97% over the past 30 days. Moreover, it has rewarded its investors with a YTD return of 644.24%.

The technical indicator, MACD, displays a rising red histogram in the 1D time frame, suggesting increased selling-over-buying pressure. Furthermore, the averages record a bearish convergence, highlighting the Floki price will continue losing value in the coming time.

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 plunge and test its low of $0.000199.