Despite a broader downturn in the cryptocurrency sector, the meme coins FLOKI and PEPE have shown notable strength today. Analysts are watching closely to see which of these tokens might spearhead the price surge in a potential bullish market cycle.
Technical Breakthrough for FLOKI
According to recent technical analysis, FLOKI has been on the rise since early February. On February 9, it managed to break through a longstanding resistance trend line and secured a crucial price level at $0.0000295 after a brief dip below that was deemed a false deviation. This breakout was confirmed by the daily Relative Strength Index (RSI) climbing above the median 50 mark, signaling that buyers still hold the upper hand. Nonetheless, FLOKI faced a setback at the $0.0000345 resistance, aligning with the 0.382 Fibonacci retracement level.
PEPE Poised for Significant Surge
Despite a temporary pullback, FLOKI’s prospects remain bullish if it sustains above the $0.0000295 support level. Should FLOKI maintain its breakout momentum, analysts project a potential 30% climb towards the next barrier at $0.0000425. Conversely, slipping below support could initiate a 25% descent to a lower support zone at $0.0000245. PEPE, mirroring FLOKI’s trajectory, has recently overcome a key horizontal resistance and could be on the cusp of an impressive 75% increase if current trends persist.
PEPE’s price dynamics reflect that of FLOKI, with both reclaiming significant support levels and breaching downward resistance. PEPE’s retest of this newly established support hints at a strong bullish sentiment, underpinned by a positive RSI indicator. Market specialists suggest a potential rally for PEPE, targeting the $0.0000020 price point, signaling a robust outlook for the meme coin.