After a long period of inactivity, major memecoins in the market are on the rise again, signaling an increase in risk appetite. This development has also lifted the hopes of investors anticipating a market turnaround from the bottom. While Bitcoin maintains a value of $91,000, Phoenix has shared predictions for FLOKI Coin.
FLOKI Coin’s Upward Momentum
Two days ago, Phoenix suggested that the rise of FLOKI Coin would accelerate, and the initial price target is nearly reached. In his most recent evaluation, Phoenix expressed confidence that the rally will persist. On the four-hour chart, a bullish EMA crossover is nearly complete, signaling a potentially significant price increase in the coming weeks and months. However, the volatile nature of cryptocurrencies means unexpected events could lead prices in the opposite direction.
If Phoenix’s forecast proves correct, overcoming the second resistance level could result in a FLOKI price rise erasing a zero from its value once again.
Analysis of PEPE and SHIB
PEPE Coin has positively diverged from the general market beyond the recovery of Ethereum’s price. It surged so quickly in the last three days that it has recovered all its losses from recent months, reaching levels last seen at the end of October. Previously, the importance of closing above $0.00000559 was discussed. Now, attention should be on the $0.00000670 support level, and if bulls maintain this level, a move back to $0.0000089 could be possible.
With nearly an 80% increase in three days, PEPE has disappointed investors who sold at a loss over the last two months. One of the reasons for the acceleration of the rally is the fear among those who sold at a loss of missing out on the rise. The swift recovery of losses following a prolonged decline has ignited motivation for January, as similar chart patterns begin to emerge in other altcoins, suggesting a genuine market reversal from the bottom.
The rise of BTC being tracked by major memecoins is a fantastic detail. SHIB‘s price also increased by nearly 30% over the past three days. With bulls reclaiming the critical $0.00000829 support, a reversal from the bottom has been confirmed. Moving forward, a consistent close above $0.00000883 is expected, with the next target being the base at $0.00001149. Once the second important support level is secured, the target will be the $0.0000160 bull resistance. The weekend saw altcoins advancing as anticipated, leaving investors optimistic for the time being.
