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FLOKI and PEPE prices have exhibited good performance today despite the ongoing correction in the cryptocurrency market. Which of these meme tokens will lead the price increase during the upcoming bullish market cycle?
FLOKI Price Analysis
Daily time frame technical analysis by experts indicates that the price of FLOKI has been increasing since the beginning of February. It broke out from the descending resistance trend line on February 9 and reclaimed the $0.0000295 horizontal area. Experts considered the previous drop below this area as merely a deviation, as the upward movement validated the breakout. During the breakout, the daily Relative Strength Index (RSI) rose above 50.
Investors use the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether a token should be accumulated or sold. If the RSI value is above 50 and the trend is upward, the bulls are still at an advantage, but if the reading is below 50, the opposite is true. Thus, RSI readings can validate the breakout. Additionally, FLOKI was rejected by the $0.0000345 level, which is the 0.382 Fibonacci retracement resistance level, after the breakout and has since declined.
75% Increase Expected for PEPE
Despite this decline, as long as FLOKI does not close below the $0.0000295 support, the trend can be considered to be in an upward trajectory. If the FLOKI price continues its previous breakout, it could rise by 30% to reach the next resistance at $0.0000425. However, a close below $0.0000295 could trigger a 25% drop towards the next nearest support at $0.0000245, despite predictions for a price increase in the cryptocurrency.
PEPE price movement is showing similarities to FLOKI. The cryptocurrency also reclaimed the horizontal support area and broke out from the descending resistance trend line on February 14. The trend line had been in place for 70 days. Even though PEPE did not continue its rise, it returned today to retest the resistance trend line as support. This is a common move after such breakouts, supported by the RSI rising above 50. Consequently, according to experts’ opinions, the PEPE price could rise by 75% to reach the $0.0000020 level.
