The memecoin market is showing strong bullish signals as FLOKI price and PEPE price prepare for potential breakout rallies. Both tokens have recently formed bullish pennant patterns, a technical indicator that often precedes upward movement, hinting at renewed investor interest.
PEPE Price Eyes Breakout with Bullish Pennant Formation
PEPE’s current price stands at $0.00001124, and its technical indicators suggest that it may be poised for a rally. The token has recently consolidated within a bullish pennant pattern, a sign of potential trend continuation.
This formation follows a prior upward move, indicating that buyers may be gaining strength. The pennant’s upper trendline resistance is around $0.00001200, and a breakout above this level could push PEPE towards a new high. As of now, 71% of PEPE holders are currently in profit according to IntoTheBlock data.
If PEPE price breaks above the $0.00001200 resistance, analysts predict it could rally to $0.00001350 or even higher. The breakout target is set at approximately $0.000017547, a potential increase of over 59% from the breakout point, based on the height of the pennant’s initial run-up.
However, support at $0.00001050 remains crucial; any pullbacks could stabilize at this level, providing a foundation for another upward move if momentum is maintained.
PEPE has already shown a monthly gain of 29.54%, indicating strong interest among investors. Moreover, according to a PEPE price prediction, the cin may be on the verge of a 200% price rally. As long as it maintains its current trend and breaks the pennant resistance, PEPE may continue its upward trajectory in the days ahead.
Will FLOKI Price Rally Next Week?
Floki Inu (FLOKI), another popular memecoin, is trading at $0.00001451, with a similar bullish pennant pattern forming on its chart. Like PEPE, FLOKI has experienced a period of consolidation following an upward surge, which typically signals a period of accumulation before a breakout. The token’s immediate resistance lies near $0.00001500, and breaking this level could energize the bulls and set the stage for further gains.
Should FLOKI price successfully breach this resistance after the falling wedge pattern, the target price is around $0.00001800. Further gains may push the price as high as $0.00003500, suggesting a potential increase of 142% from the breakout level.
Support near $0.00001400 is key, as it could provide a foundation if there is a temporary pullback. FLOKI’s current weekly and monthly increases of 3.72% and 11.28%, respectively, reflect growing interest from buyers. Moreover, 77% of token holders are currently in profit according to IntoTheBlock data.
Technical indicators for FLOKI, such as the Money Flow Index (MFI) at 37.68, indicate that the market is still neutral as bulls gain ground. Concurrently, the Chaikin Money Flow (CMF) is at 0.22, showing moderate buying pressure, which supports the possibility of a FLOKI price breakout above the $0.00001500 level.
In addition to these two tokens, other memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) have also posted positive weekly gains, up by 6.99% and 8.10%, respectively. However, FLOKI and PEPE appear to be leading the way with more defined bullish patterns, signaling that they may be well-positioned to capitalize on any upcoming memecoin rally.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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