Floki, PEPE, WIF, BRETT, and BONK Memecoins Show Significant 7-Day Highs, But Will This Rally Continue or Consolidate?
- WBOYOriginal
- 2024-07-19 10:08:44647browse
The crypto market is steadily reviving from its turbulence phase with increased trading activity from last week. The overall market has grown 10% in the last 7 days when traders seem to pop out of the consolidation period and enhance trading activity.
The crypto market is showing signs of recovery with increased trading activity. Bitcoin price moved 12.5% in 7 days and this resurgence led meme coins to take control again.
Memecoins Floki, PEPE, WIF, BRETT, and BONK have shown significant growth to 7 7-day high, but will this rally continue or consolidate? Let;’s figure out
FlOKI : Buy, Hold
Elon Musk’s dog-inspired memecoin Floki at the time of writing is trading at $0.0001914 moving 25% in 1 day and 30% in 7 Days, with the intraday volume up 168%.
While we watch the Onchain activity of Floki in the last 7 Days, the number of Daily active addresses and new addresses created is decreased.
So the Floki price growth is likely to be driven by market sentiment and not by its actual demands, This metric indicates a slowdown can be seen in the price rally, but not a major correction.
Also the Market Value to Realized Value (MVRV) ratio of Floiki is in the negative count for short and long period, This means the coins is still undervalued and accommodate buying pressure.
The FLOKI/USDT chart reveals a slowdown or sideway trading possibility. The price is above all SMA’s and EMA’s showing strong support, the MACD line is above the signal line making room for positive momentum.
Floki’s declining Chaikin Money Flow (CMF) direction in the downward is the opposite direction of the price moving up. This indicator shows how money flows in and out of an asset.
The opposite movement is of CMF and price indicates a reversal or correction. If this happens the price will drop to $0.00015, if this is resisted the price will surge above $0.0002.
Traders can get in Floki if the trend continues above $0.18.
PEPE: Strong Buy, Hold
Pepe has shown impressive recovery, the meme coin breached our bearish move, followed by consolidation sideway movement in the past week.
The crypto had a breakout on Monday at $0.0000086 which triggered a bullish push to the current price of $0.0000119, Killing the zero back.
PEPE coin has turned the $0.000009 critical resistance to the support zone and now trading near to $0.000012 resistance zone. A breakout above this will add up +20% surge, if the resistance rejects to lose, the PEPE price will see a pullback to $0.000009.
A report by IntoTheBlock shows that a few large holders of PEPE have offloaded their holdings, giving retail investors confidence.
The PEPE/USDT Chart reveals a bullish continuation of the price with a slight retracement of price to overcome the overbought zone as seen in the RSI.
The Bollinger bands indicator shows an increased width between the upper and lower band, which means the volatility has been reduced and the price could stabilize. Also, the price away from the center line shows a more upside potential of PEPE.
WIF – Hold
The 4th largest meme coin by market Dogwifhat, WIF price showed some power yesterday to break above the downward resistance. At the press time WIF trading at $2.21, moving 22% in 1 day and 27% in 7 days.
WIF price is currently under a mixed speculative zone with mixed sentiments.
The falling wedge pattern breakout indicates a possible surge, 20% from the break already seen now. If the market conditions stay bullish WIF will create more higher highs.
WIF/USDT Chart shows no strong support or resistance, the price action is free to proceed. Applied RSI shows the coin is now in the overbought zone and buyers are now holding back to see if the seller holds.
The alligator indicator shows all lines have opened up wide, this means the price fluctuation is going to take place in either direction unless the lines intervene again.
WIF users must watch the $2.02 zone, a breakout below this can upset the holders. If the trend holds, the falling wedge pattern will be in action to surge above $3.
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