With the cryptocurrency market constantly failing to regain momentum, top tokens are hovering close to their crucial support levels. Following their footsteps, top memecoins have recorded massive price plunges in a short time frame.
Scroll down as, in this article, we have covered the market sentiments, and potential short-term price targets for Pepe ($PEPE) and Floki ($FLOKI) meme coins.
Pepe Price Records Consolidated Price Action
After trading under a bullish sentiment for 3 months, the Pepe meme coin recorded a new All-time High (ATH) of $0.00001718. However, since then, this memecoin has been constantly trading under a bearish sentiment. This has resulted in it trading at a discount of 54.51% from its high.
The technical indicator, MACD has displayed a constant decline in its green histogram with its averages recording a potential bearish convergence. This indicates a negative outlook for the Pepe coin price during the upcoming week.
If the market regains momentum, Pepe price could break out of its $0.00000880 level and prepare to test its resistance trendline of the descending channel pattern. Conversely, bearish price action could pull the price of PEPE toward its low of $0.00000625.
Floki Memecoin Fails to Breach Its Resistance Trendline
With a potential situation of insider trading, the price of the Floki crypto token has recorded a drop of 18.28% within the past day with a trading volume of $548.83 Million. Moreover, it has plunged 23.89% during the past month. This indicates a rising bearish sentiment for it in the market.
The Relative Strength Index (RSI) has recorded a sharp plunge below its overbought range in the 1D time frame. Furthermore, the average trendline experiences a bearish convergence, suggesting that the meme coin may continue losing value during the upcoming week.
Suppose, a bullish reversal occurs, in that case, the FLOKI price will retest its upper level of $0.000155 in the coming time. On the flip side, if the bears continue to dominate the crypto space, this altcoin could plunge toward its low of $0.000101.
