Ethereum Memecoins Plunge! Will Floki and Pepe Bounceback This Week?

Ethereum Memecoins Plunge: Will Floki and Pepe Recover This Week?

The memecoin market has begun the week bearish, indicating heightened selling pressure. Leading meme coins have exhibited negative performance for the second consecutive day, suggesting a possible downtrend this week.

Pepe Coin Price Decline

Pepecoin has witnessed a 9.69% dip over the past day, with a trading volume of $628.63 million. It has also lost 30.89% in the past month, despite a slight 3% gain last week. With a market cap of $3.472 billion, Pepe is the third-largest memecoin.

Technical indicators reveal a sharp decline in the MACD histogram, with a similar trend in its averages. Additionally, the SMA is nearing a negative crossover, underscoring Pepe's bearish sentiment.

To maintain value, Pepe must hold above its resistance level of $0.00001150. However, if bears prevail, it may retest its low of $0.00000625.

Floki Memecoin on the Cusp of Recovery

Floki's price has fluctuated, dropping 1% over the past day and 13.97% over the past month. Encouragingly, it has gained 20% over the past week, indicating a potential bullish rebound in the near term.

The 50/200-day EMA remains flat below the price chart on the 1D timeframe. However, the RSI is trending upwards towards the overbought range, suggesting mixed price sentiment.

If Floki breaches its resistance level of $0.000155, it could rally towards $0.00021435. Conversely, a bearish trend may result in a decline towards its low of $0.00010190.