Ethereum Memecoins Plunge! Will Floki and Pepe Bounceback This Week?
Release: 2024/08/27 20:49 Reading: 454
Ethereum Memecoins Plunge: Will Floki and Pepe Recover This Week?
The memecoin market has begun the week on a bearish note, indicating increased selling pressure. Leading meme coins have displayed a negative trend for the second consecutive day, suggesting a potential bearish continuation this week.
Pepe Coin Price Slumps
Pepecoin has plummeted by 9.69% in the last 24 hours, with a trading volume of $628.63 million. It has lost 30.89% over the past month, despite a slight gain of 3% over the past week. Pepe is currently the third largest memecoin with a market capitalization of $3.472 billion.
Technical indicators such as the MACD and SMA indicate a bearish trend for Pepe. The MACD histogram has plunged sharply, while the SMA is poised for a negative crossover.
If Pepe maintains momentum above its resistance level of $0.00001150, it may encounter further resistance at $0.00001150. However, if bearish pressure persists, it may retest its support level of $0.00000625.
Floki Memecoin Approaches Resistance
Floki's price has fluctuated, experiencing a 1% decline in the past day and a 13.97% drop over the past month. Notably, it has gained approximately 20% over the past week, suggesting a potential bullish recovery.
The EMA 50/200-day indicators show a flatline below the price chart. The RSI indicates an upward trend towards the overbought range, suggesting a mixed sentiment for Floki.
A breakout above $0.000155 could indicate bullish momentum and lead to a test of the resistance level at $0.00021435. Conversely, bearish pressure could drive Floki's price towards its support level of $0.00010190.
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