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The post $PEPE And $FLOKI FLOKI Records Bearish Action! Will Memecoins Bounce Back This Week? appeared first on Coinpedia Fintech News

The cryptocurrency market has experienced a significant correction in its valuation over the past weekend, with top tokens recording a notable correction in their respective portfolios.

Following the trend, the memecoin category displayed a similar trend and broke down their important support levels. Despite top memecoins starting the week on a bearish note, memecoins like Pepe and Floki experienced an upward price action, highlighting a mixed sentiment in the crypto space.

Dive in as, in this article, we have covered the market sentiment, and price analysis of Pepe (PEPE) and Floki (FLOKI) and their short-term price targets.

Pepe (PEPE) Price Analysis:

Despite recording a jump of approximately 4% within the past, the memecoin has lost 17.66% over the past week, indicating a rising bearish sentiment for the memecoin in the crypto space. The SMA constantly acts as a resistance to the PEPE price chart, suggesting a strong bearish sentiment for the altcoin in the cryptocurrency market. The Relative Strength Index (RSI) continues to hover close to its mid-point, indicating a weak price action for the memecoin in the market. Moreover, the average shows a bearish curve, suggesting a negative outlook for the PEPE coin price this week. If the market holds the price above the support level of $0.00001150, the bulls will regain momentum and the Pepe price will prepare to test its upper resistance level of $0.00001675. Conversely, bearish price action could pull the memecoin toward its lower support level of $0.00000880.

Floki Price Records A Bearish Reversal In The Chart:

After trading within a closed range between $0.000252 and $0.00030 for over a week, the bulls regained momentum and broke out of the resistance level. However, the Floki price failed to hold its value above the level, resulting in the memecoin experiencing a pullback within the range.