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Following the recent decline in the cryptocurrency market, recovery expectations are increasing. FLOKI has risen by 7% in the last 24 hours, reaching $0.00013, with trading volume increasing by 93% to $369 million. However, the selling trend among large players and technical indicators raise concerns. Meanwhile, Dogecoin 
$0.22472 (DOGE) has dropped from the $0.43 level. The broken support levels negatively impact the short-term outlook for both meme coins.
FLOKI Coin Analysis
Data from IntoTheBlock indicates a significant increase in FLOKI coin’s trading volume, rising over 3,000% within 24 hours. This resulted in notable activity among 50.5 billion coins. However, the net positions of large investors decreased from 21.3 billion coins to -8.4 billion coins, indicating 30 billion coins sold. The pressure from whales holding 72% of the coins could potentially drive the price down to $0.000059.
Technical analysis shows a death cross signal, with the 50-day EMA crossing below the 200-day EMA, reinforcing the downtrend. Although the RSI is at 32, it remains below the signal line. Therefore, if FLOKI fails to surpass the $0.000135 resistance, sales may accelerate. However, the Long/Short ratio has risen to 1.03, reflecting optimistic expectations.
Dogecoin Price Analysis
Dogecoin experienced a decline after reaching $0.43 on January 18. A break below the rising channel in the 4-hour chart signals negativity. According to wave analysis, a complex correction process began following Wave 3 at $0.48. The $0.36 level has become a resistance point, while the price could test $0.285 and $0.238.
The RSI is approaching 40, confirming weak momentum. However, the $0.238 level could serve as support due to historical reactions. The short-term target is set at $0.24, and a decline below this level might indicate a broader downtrend. Conversely, maintaining a price above $0.36 could present optimistic scenarios for DOGE.
As of the time this report was prepared, DOGE is trading at $0.3322, reflecting a 3.25% increase over the last 24 hours. Data show that the largest meme coin stands at 11.8894 against the Turkish Lira.
