PEPE And FLOKI Records Bearish Action! Will Memecoins Bounce Back This Week?

PEPE and FLOKI Undergo Price Fluctuations

The cryptocurrency market has recently experienced a correction, leading to declines in the value of major tokens. Memecoins have also followed this trend, breaking below significant support levels.

However, there have been mixed signals in the crypto space. While most memecoins have started the week on a bearish note, PEPE and FLOKI have shown upward price movements.

PEPE (PEPE) Price Analysis

PEPE has experienced a recent surge of approximately 4%, but it has lost 17.66% over the past week. The Simple Moving Average (SMA) remains a resistance for the PEPE price, indicating a strong bearish sentiment.

The Relative Strength Index (RSI) hovers near its mid-point, suggesting a weak price action. The bearish curve in the RSI indicates a negative outlook for PEPE this week.

If the price remains above the support level of $0.00001150, bulls may regain momentum, allowing PEPE to test its resistance at $0.00001675. Conversely, bearish pressure could lead to a drop towards the lower support at $0.00000880.

Floki (FLOKI) Records Bearish Reversal

After trading within a range for over a week, FLOKI bulls broke out of the resistance at $0.00030. However, the price failed to maintain the level, resulting in a pullback.

Despite a recent 3% correction, FLOKI has gained 4.10% in the past week and 55.97% over the past month. It has also rewarded investors with a 644.24% year-to-date (YTD) return.

The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram, indicating increased selling pressure. The bearish convergence in the averages suggests FLOKI may continue to lose value.

If the bulls prevail, FLOKI may aim to test the high at $0.000350. However, if the bears dominate, it could drop to the low of $0.000199.