The crypto markets are facing extreme bearish pressure as the Bitcoin price is slumping hard after losing the $68,000 support level. This has also compelled the other altcoins to undergo a notable pullback, in which the memecoins have taken the lead. The tokens which were leading the top performers now face massive pullbacks. Among them are PEPE and FLOKI, which are feared to lose their local support very soon.
Pepe’s price has been growing steadily ever since it rebounded from the bearish pattern, a few days ago. Since then, the token has maintained a steep upswing and marked a new ATH, which has resulted in losing over 20% of its value. The Pepe price has printed consecutive bearish candles and is believed to maintain the trend for some more time ahead.
As seen in the above chart, the PEPE price has begun to drop after marking new highs, indicating the possibility of the beginning of another descending parallel channel. The MACD is about to undergo a bearish crossover, which suggests the token could reach lower support at $0.0000119. However, a rebound may be expected here, but until then, the token may maintain a bearish trend.
FLOKI price appeared to have followed the PEPE price rally very closely, as the token also marked new highs during the recent upswing. Since then, the levels have been draining and have entered back within the range. This indicates the consolidation may continue for some more time before the final breakout.
After the latest pullback, the FLOKI price appears to be following a parabolic curve and reaching the neckline of the consolidation. The RSI is also ranging along the lower trend line and is currently testing this range. If the RSI breaks below these levels, the price is also expected to break the curve and test the lower trend line. This could cause another 10% pullback, which may further attract significant buying volume to initiate a fresh upswing ahead.
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