Meme Coin Watch: PEPE and FLOKI Among Biggest Losers
Release: 2024/10/03 02:15 Reading: 267
Meme Coin Market Update: PEPE and FLOKI Suffer Amid Crypto Market Decline
The crypto market's significant drop has led to price drops for most assets, including Ethereum and Bitcoin. This bearish trend has also impacted the meme coin market, with tokens like PEPE and FLOKI facing notable declines.
PEPE's Critical Support Level
PEPE has experienced a considerable decrease in value, with its current price at $0.000010. This represents a drop of 10.88% over the past day. Amid this decline, trading volume has increased to $1,863,454,245, indicating increased market activity.
PEPE currently hovers above a critical support level of $0.000009373. A decline below this threshold could indicate further downward momentum and reinforce the negative trend. However, a break above the resistance level around $0.00001086 may signal a potential positive reversal.
FLOKI's Bearish Challenges
FLOKI has also been negatively affected by the market downturn. Its price currently stands at $0.000138, indicating a dip of 11.14% in the last day. Trading volume amounts to $370,039,659. While FLOKI remains above the critical support level of $0.0001333, a break below this level could lead to further losses, exacerbating the bearish sentiment.
However, if FLOKI manages to test and breach the resistance level at $0.0001506, it could potentially reverse its downward trajectory, resulting in a shift in momentum from bearish to bullish.
Liquidation Pressure on PEPE and FLOKI
Analysis from BB Terminal reveals mounting liquidation pressure on both PEPE and FLOKI. PEPE is experiencing clusters of liquidations as the price approaches $0.00009, with a buildup just above $0.000012. This places additional pressure on long positions, hampering the token's recovery prospects.
FLOKI also faces growing liquidation risks, with liquidations accumulating around $0.00018. These developments indicate increasing market tension, with both tokens struggling to maintain key levels amidst the broader market decline.
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