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FLOKI and PEPE Score Double Digit Increases: Memecoins Leading Crypto Rise?

Last Updated May 21, 2024 9:25 PM
Nikola Lazic
Last Updated May 21, 2024 9:25 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • FLOKI and PEPE are leading the market, with double-digit gains.
  • Both memecoins signal potential for new all-time highs.
  • FLOKI’s breakout could lead to further surge past $0.0004.

Today, May 21, we saw a notable rise in cryptocurrency prices, with spikes across the market. However, memecoin FLOKI and PEPE are leading the way with double-digit increases from yesterday.

FLOKI  gained around 17%, while PEPE  rose by 33%. Interest in memecoins remains unfazed, even with other fundamental factors driving the market increases. What’s next for the price of these cryptos, and can they reach new all-time highs soon? 

FLOKI Price Analysis 

FLOKI‘s price rose from $0.000027 on February 5, skyrocketing to $0.0003 by March 11, a impressive tenfold increase. However, the token faced resistance and fell back to $0.0002 by March 18, suggesting a possible end to its upward trajectory.

 

FLOKI
FLOKIUSD | Credit: Nikola Lazic/Tradingview

Wave analysis views this movement from early February to mid-March as the peak of a bullish phase in a five-wave pattern. The Relative Strength Index (RSI) on the daily chart, previously in overbought territory, declined along with the price, further signaling a trend reversal.

By April 13, FLOKI had dropped by 60%, reaching a low of $0.00011. The price has since rebounded to $0.0002, encountering horizontal resistance and forming an ascending triangle pattern, indicating potential for a new bullish phase.

The bullish phase is confirmed, as FLOKI broke above the $0.0002 resistance level. If it continues increasing, the price could surge past $0.0004 in its fifth wave, a new all-time high.

PEPE Price Analysis

Since its launch in April last year, PEPE has experienced significant growth, escalating from $0.0000027 to a peak of $0.00001 by March 15, achieving an impressive 1,115% increase. This surge began on February 5 from a lower point of $0.0000008.

PEPE
PEPE/USD | Credit: Nikola Lazic/Tradingview

After dropping to $0.000004 on April 13, the price started to recover but was still within the bounds of a descending triangle. On April 22, it broke above it and continued rising to a new all-time high of $0.000012 today. 

This is likely the last wave of a larger five-wave impulse from October last year, but there is more room for the upside. Our next likely target would be at $0.00002, another 70% increase from the current levels. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

 

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