Ethereum Memecoins Bleed! Will Pepe & Floki Pump or Dump?

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.