FLOKI, PEPE & BONK Consolidating at the Gains—Is This an Indication of the Beginning of a Memecoin Mania?

The Bitcoin price is consolidating just below the $100K milestone, which has shaken up the major altcoins. Meanwhile, the memecoin has remained stuck within a range as Dogecoin gains huge momentum. This raises the possibility of major price action for popular memes like FLOKI, PEPE, and BONK, but the technicals are about to flip to a bearish trend, which may raise concerns over the next price action. 

Pepe (PEPE) Price Analysis

• The PEPE price is consolidating within a descending parallel channel after rising by over 116%, suggesting the formation of a bull flag

• The price was believed to break above the resistance but the MACD is about to undergo a bearish crossover as the bullish pressure fades away

• Secondly, the RSI sticks to the upper threshold, which indicates the price is in a decisive phase, which may be cleared this weekend

• If the token manages to break the resistance, the RSI may enter the overbought zone; otherwise, a drop could drag the levels below the interim support at $0.00001973

FLOKI (FLOKI) Price Analysis

• After losing the highs, the FLOKI price has been trading within a pre-determined range between $0.000011 and $0.000018

• However, the U.S. election results that offered a strong bullish push elevated the FLOKI price above $0.000025, which displays the possibility of a rejection

• The MACD is about to undergo a bearish crossover with a drop in the selling volume but the RSI sticks to the upper threshold

• In case of a bullish breakout, the price could make it above $0.00003 or else a drop below $0.00002 could be imminent. 

Bonk (BONK) Price Analysis

• The BONK price has just marked a new ATH at $0.00005916 and since then the token has been consolidating around the gains

• The volume has dropped to a large extent, which has also reduced the buying pressure on the token as suggested by the MACD

• The RSI has plunged from the overbought zone and reached the upper threshold, indicating the bulls still have some momentum

• Therefore, the BONK price is believed to undergo a small pullback but remain within the bullish range and form a new ATH at $0.00006