Key Takeaways:
The prices of popular memecoins FLOKI and PEPE are preparing for breakouts as technical indicators signal a strong bullish trend. Recently, both cryptocurrencies formed pennant patterns on their respective price charts, which is a technical indicator suggesting a potential resurgence in investor interest.
FLOKI and PEPE Coins Expected to Surge After Forming Pennant Pattern on the Price Chart
At press time, Pepe (PEPE) is trading at $0.00001209 – up 5.64% in the last 24 hours. Technical indicators are hinting at a potential rally its price recently consolidated within a bullish pennant formation, indicating the trend to continue.
This pattern may also suggest that buyers of the token are gaining strength. The current upper resistance for PEPE is at $0.00001200, and if the memecoin manages to break that level, then its price is expected to register fresh new highs.
Data sourced by IntoTheBlock suggest that 71% of PEPE holders are currently in profit. Analysts are predicting that if the token can break its $0.00001200 resistance, then it could rally to $0.00001350 or even higher. Based on the height of the pennant’s initial run-up, the breakout target is now set at approximately $0.000017547, which would be a surge of nearly 60% from its breakout price.
However, analysts also warned about PEPE’s support at $0.00001050, which remains crucial to its price surge. If the token were to experience any pullback, then the price could stabilize at the support level, providing a foundation for further moves to the upside if the current momentum can be maintained.
The price of PEPE has risen by 29.5% over the past 30 days, which indicates strong investor interest. As per price predictions, the frog-themed cryptocurrency paying homage to the “Pepe the Frog” internet meme may be on the verge of a 200% rally.
As long as the memecoin can maintain its current trend and break the pennant resistance, it will be able to continue its upward trajectory for the remainder of the week.
FLOKI Price Could Surge by 142% If It Manages To Break Key Resistance Level
Floki Inu (FLOKI), another popular meme cryptocurrency, is currently trading at $0.0001755 – up 16.38% over the last 24 hours. The token shows a similar upward pennant formation as PEPE. Like its counterpart, FLOKI also experienced a period of consolidation following a price surge, a typical sign of token accumulation before a potential breakout.
The resistance level for FLOKI currently sits around $0.00001500, and surpassing this level would allow bulls to push the prices higher, setting the stage for further gains. Analysts suggest that should the token successfully breach its resistance, then the target price could be set at around $0.00001800. FLOKI can rise as high as $0.00003500 if Bulls manage to push its price upwards, resulting in the token rising by 142% from its breakout level.
Floki Inu’s support near $0.00001400 is key as it could provide a solid base in case there is a temporary pullback. FLOKI has registered weekly and monthly increases of 3.72% and 11.28%, respectively, reflecting increased interest from potential buyers. As per data from IntoTheBlock, 77% of the token’s holders are currently in profit.
Technical indicators for the memecoin, such as the Money Flow Index (MFI) currently sit at 37.68, indicating that Floki Inu’s market is in a neutral position as bulls are starting to make ground. The Chaikin Money Flow (CMF) is at 0.22, proof of moderate buying pressure, which supports the possibility of the price of FLOKI breaking out above the $0.00001500 level.
While FLOKI and PEPE are leading the way for the memecoin market, other popular tokens like Shiba Inu (SHIB) and Dogecoin (DOGE) also posted positive weekly gains of 6.99% and 8.10%, respectively. The more defined bullish patterns of the former signal that a memecoin rally is in the making and the two tokens may be well-positioned to take advantage of it.
Read More: Bitcoin Tops $81,000 As Experts Call On Traders To Hold Their Positions
