The post FLOKI, PEPE & BONK Consolidating at the Gains—Is This an Indication of the Beginning of a Memecoin Mania? appeared first on Coinpedia Fintech News
The Bitcoin price is consolidating just below the $100K milestone, which has shaken up the major altcoins. Meanwhile, the memecoin has remained stuck within a range as Dogecoin gains huge momentum. This raises the possibility of major price action for popular memes like FLOKI, PEPE, and BONK, but the technicals are about to flip to a bearish trend, which may raise concerns over the next price action.
Pepe (PEPE) Price Analysis
The PEPE price is consolidating within a descending parallel channel after rising by over 116%, suggesting the formation of a bull flag
The price was believed to break above the resistance but the MACD is about to undergo a bearish crossover as the bullish pressure fades away
Secondly, the RSI sticks to the upper threshold, which indicates the price is in a decisive phase, which may be cleared this weekend
If the token manages to break the resistance, the RSI may enter the overbought zone; otherwise, a drop could drag the levels below the interim support at $0.00001973
FLOKI (FLOKI) Price Analysis
After losing the highs, the FLOKI price has been trading within a pre-determined range between $0.000011 and $0.000018
However, the U.S. election results that offered a strong bullish push elevated the FLOKI price above $0.000025, which displays the possibility of a rejection
The MACD is about to undergo a bearish crossover with a drop in the selling volume but the RSI sticks to the upper threshold
In case of a bullish breakout, the price could make it above $0.00003 or else a drop below $0.00002 could be imminent.
Bonk (BONK) Price Analysis
The BONK price has just marked a new ATH at $0.00005916 and since then the token has been consolidating around the gains
The volume has dropped to a large extent, which has also reduced the buying pressure on the token as suggested by the MACD
The RSI has plunged from the overbought zone and reached the upper threshold, indicating the bulls still have some momentum
Therefore, the BONK price is believed to undergo a small pullback but remain within the bullish range and form a new ATH at $0.00006