The markets witnessed a sluggish trend throughout the past weekend, due to which the prices of the majority of the tokens traded within a very narrow range. Besides, some of the memecoins are displaying some strength and hence the rest of them are expected to follow the trend.
Pepe price has been facing massive bearish action ever since the token marked its new ATH at around $0.00001718. While a minor retracement was expected to be followed by a bullish reversal, the current trade set indicates that the reversal may be distinct. Even after the pullback, the PEPE price continues to trade within a rising parallel channel, while the price seems to be heading towards the lower support.
The volume has dropped significantly and the RSI displayed a bearish divergence. This suggests the price could reach the local support level of $0.00001, which may foresee bullish activity. However, if the bulls fail to react, which appears unlikely, the lower support of the channel may offer a strong base and if not, the lower support zone around $0.000009 may trigger a strong breakout.
FLOKI price was closely following a parabolic recovery and formed a new ATH at $0.0003462. This was assumed to be the revival of memecoin mania, but the bearish activity kicked in and halted the bullish trend. Currently, the price is testing one of the important support levels and is expected to drain heavily if it fails to defend the levels.
As seen in the above chart, the FLOKI price has broken down from the parabolic recovery, which was recorded before the strong ascending trend. Besides, the DMI is also displaying the possibility of a bearish continuation. Therefore, the price is believed to reach the interim lower support at $0.000244, which may initiate a strong rebound back within the parabolic curve.
Alongside, the prices of other memecoins like WIF, BONK, BOME, etc. have stuck within a bearish trend. As recent history suggests, the top memecoins have been Pepe & FLOKI, and hence a strong rise in their prices may revive the ‘Memecoin Mania’.
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