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Memecoins Best Performing Category After the Dip – FLOKI Leads Resurgence

Last Updated March 21, 2024 3:32 PM
Valdrin Tahiri
Last Updated March 21, 2024 3:32 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The FLOKI price has climbed more than 30% since yesterday’s local bottom.
  • It is the best performing asset in a basket of the six biggest memecoins.
  • Will FLOKI sustain its momentum, emerging as this cycle’s leading memecoin?

The cryptocurrency market is in the midst of a resurgence after a significant drop that started last week. Bitcoin is up more 10% since yesterday’s low, while other altcoins have increased even more.

FLOKI  has risen more than 30% since the March 20 drop, leading to the question: Will it reach a new all-time high in April?

Which Memecoin Leads the Recovery?

The Bitcoin price reached a local bottom of $60,775 on March 20 and bounced afterward, increasing by 10%. A similar recovery is visible in the rest of the cryptocurrency market. Since the March 20 bottom, FLOKI has been the best performing memecoin out of the six largest ones.

FLOKI has increased 33%, followed by PEPE (white) with a 27% increase. BONK is the worst performer out of the six with an increase of only 13%.

Memecoin Recovery Chart
Custom Hourly Chart | Credit: TradingView

When analyzing memecoin movement since the start of the cycle, it was WIF and BONK that led the memecoin rally. Now, it seems momentum is with FLOKI and PEPE. This could signify a movement from the Solana to the Ethereum ecosystem.

The hypothesis that DOGE and SHIB are being replaced by FLOKI and PEPE in this cycle is supported by the movement since yesterday’s bounce.

FLOKI Price Prediction: All-Time High in April?

After its stratospheric 760% rise in the beginning of March, the FLOKI price approaches its all-time high of $0.000359 (red). FLOKI fell 50% in the past two weeks, but bounced at the 0.5 Fibonacci retracement support level, creating a long lower wick.

The wave count suggests FLOKI is in wave four of a five-wave increase (white). Due to strong bounce at the Fibonacci level, the FLOKI price may have reached its bottom.

FLOKI Can Reach All-Time High
FLOKI/USDT Weekly Chart | Credit: TradingView

A potential target for the top of the entire movement is at $0.000519, found by giving waves one and three the same length.

The weekly RSI and MACD both support the continuing of the increase. Even though the RSI is overbought, it has not generated any bearish divergence yet and is trending upward. The MACD gives a similar reading.

Conversely, a daily close below the 0.5 Fibonacci retracement support level at $0.000169 will indicate the correction will deepen.

FLOKI Poised for Future Gains

FLOKI has rebounded admirably since the cryptocurrency market reached a temporary bottom on March 20. FLOKI’s technical outlook and strength during the recovery suggests the price can reach a new all-time high soon.

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