Crypto News– In the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) saw modest increases in their prices. However, these slight upticks were more than sufficient to ignite double-digit surges in the prices of memecoins Floki (FLOKI) and Pepe (PEPE).
FLOKI and PEPE Memecoins Experience Explosive Surges Amid Bitcoin and Ethereum Rally
Memecoins have been attracting significant attention recently, and while their parabolic growth had slowed down earlier in the week, Friday, March 8th proved to be another notable day for the prices of FLOKI and PEPE.
According to data from CoinMarketCap, FLOKI experienced a remarkable price surge of 53.10%, propelling its market cap to the 50th position. Meanwhile, PEPE, which operates on the Ethereum blockchain, achieved a market cap of $3.86 billion, marking a substantial 15.32% increase in value.
FLOKI Price Forecast
On the 4-hour timeframe, FLOKI’s price continued to test higher levels. Currently, the Relative Strength Index (RSI) suggests that the token is overbought, typically signaling a potential reversal from the uptrend.
However, given the context of the ongoing bull market, this traditional interpretation may not hold true as FLOKI appears to be in a phase of price discovery. As of the time of writing, the price of the memecoin stands at $0.0002705. In alignment with the RSI, the Awesome Oscillator (AO) is displaying green histogram bars, indicating potential for further upward movement in the cryptocurrency’s value over the coming days.
Nevertheless, it’s important to note that if traders opt to take profits, this could shift the momentum and lead to a decline in FLOKI’s price.
PEPE Price Forecast
PEPE has emerged as a leader in the memecoin rally, boasting an astounding 851% price increase over the past 30 days. Despite experiencing a pullback around March 7th, the recent trend suggests that the likelihood of another decline has diminished.
On the 4-hour chart, PEPE’s price exhibits a parabolic structure, signaling potential for a move towards $0.000010. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a positive reading, indicating a bullish momentum in the market.
At present, there is the possibility of a bullish engulfing candle formation. However, this scenario would only materialize if bulls successfully defend the $0.0000066 support level.
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