First Mover Asia: PEPE & FLOKI Lead the Rally, While Others Follow; Has the Memecoin Mania Began?

The crypto space is again consolidating along with the gains that have led the memecoins on the run. Yet again, the PEPE price leads the rally, with more than 25% forming a new ATH above $0.000014 in the early trading hours. As the ETH price is displaying more strength, the Ethereum-based memecoins are gaining more strength as PEPE is very close to entering the top 20 tokens with nearly $5.8 billion in market capitalization.

The PEPE price is going as per plan after breaking from the bullish flag pattern and is ranging in an ascending pattern. The price has made it above the 1.2 FIB levels at $$0.00001312 and is about to test the higher targets at 1.4 FIB at $0.00001455. Now that market sentiments have turned bullish, the upswing is expected to continue and head towards the next target at 1.6 FIB at $0.00001640. Once these levels are achieved, the rally may ascend to form new highs at $0.00002. 

On the other hand, the FLOKI price has broken above the decisive phase and is approaching the crucial resistance zone. Meanwhile, the technicals display a diverse plan in action, which may differ the rally’s upswing for a white. 

The FLOKI price had been trading within a deccessive triangle and after maintaining an ascending consolidation, it broke above the resistance. Further, the price also underwent a retracement and a small correction testing the resistance turned to support levels and began ascending towards the upper resistance zone between $0.000254 and $0.000266. 

On the other hand, the RSI is testing the upper threshold and may soon enter the overbought zone. If the levels sustain within the range, the price is expected to rise above the current highs and form a new ATH above $0.00035, probably before the end of the month. Besides, Dogecoin (DOGE) and Bonk (BONK) prices are also on the rise, which indicates the memecoin season may soon gain momentum.