FLOKI and PEPE experienced contrasting movements, with FLOKI rising by 2% and PEPE by 8%. While PEPE’s indicators appeared mostly bullish, signaling potential further gains, FLOKI’s indicators leaned bearish, suggesting caution in its price trajectory.
On April 27th, meme coins, including Pepe (PEPE) and Floki Inu (FLOKI), faced price corrections along with the broader cryptocurrency market. Despite the sharp declines, there were positive indications of recovery for these meme coins, suggesting a potential rebound from the losses incurred.
FLOKI and PEPE Experience Losses Amidst Meme Coin Sell-Off
YourPOP, a prominent crypto influencer, recently tweeted about the top losers among meme coins on April 27th. FLOKI and PEPE were notable mentions, with both experiencing declines of 11% and 12%, respectively.
The negative price movements also impacted the social metrics of both tokens. Santiment’s data analysis revealed a drop in PEPE’s Weighted Sentiment. Additionally, FLOKI’s Weighted Sentiment remained in the negative territory, indicating prevailing bearish sentiment in the market.
However, there was a shift in sentiment as both tokens saw their price charts turn green in the last few hours. According to CoinMarketCap, FLOKI’s price surged by more than 2%, reaching $0.0001787 with a market capitalization exceeding $1.7 billion.
Analyzing FLOKI’s Market Trends
Upon closer examination of FLOKI’s daily chart, it was observed that its Money Flow Index (MFI) experienced a downtick. Similarly, its Chaikin Money Flow (CMF) followed a similar trend, suggesting a potential reversal in the uptrend.
Despite these indicators, the MACD displayed a bullish signal, indicating a possible favorable outcome in the market.
Source: TradingView
PEPE and FLOKI Rally: Bullish Momentum and Market Analysis
PEPE’s Price Surge: PEPE demonstrated a notable price increase of over 8% in the past 24 hours, outpacing FLOKI’s bullish movement. At the time of writing, the meme coin was trading at $0.000007686, boasting a market capitalization exceeding $3.2 billion, positioning it as the 37th largest cryptocurrency.
Investor Profitability and Market Dynamics: IntoTheBlock’s data indicated that over 72% of PEPE investors were in profit, reflecting positive market sentiment. This sentiment was further supported by a decrease in PEPE’s supply on exchanges, coupled with an increase in its supply outside of exchanges.
Technical Indicators and Price Analysis: The technical indicator MACD signaled a bullish advantage in PEPE’s market, suggesting potential further price increases. Additionally, the Relative Strength Index (RSI) showed an uptick, reaching a value of 57.4 at the time of writing, indicating growing buying pressure.
Source: TradingView
Considerations for Potential Correction: However, similar to FLOKI, PEPE’s Money Flow Index (MFI) experienced a slight downtick, signaling potential challenges ahead. This downturn in MFI hinted at the possibility of PEPE’s bull rally coming to an end in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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