- PEPE and FLOKI have a bullish long-term outlook
- The meme coin market could rise further next week.
pepe [PEPE] At the time of writing, it was up 17.53%. It was a good weekend for FLOKI. [FLOKI] However, the memecoin only registered an increase of nearly 8% in the past 48 hours.
dogecoin profit [DOGE] Last week could be a bullish week for the rest of the meme coin market. Of the two coins analyzed here by AMBCrypto, PEPE had the more bullish short-term outlook.
PEPE price trend shows bullish continuation
Source: PEPE/USDT on TradingView
PEPE has bounced back from its all-time high of $0.00001084, but fell short of the swing low set at $0.00000581.
Instead, buyers gained some momentum and pushed the price above the local resistance at $0.0000085.
Once PEPE price rose above this level, the A/D indicator resumed its uptrend. It showed that there is demand behind this movement. The RSI also crossed the 60 mark indicating strength.
Given that BTC could face significant resistance near $72,000, it was unclear whether PEPE would be able to carve out another northward rally like it did in late February.
sauce: Analyze the coin
Coinalyze’s metrics were encouraging. Spot CVD has been trending upward since March 19, reflecting demand. The results of the A/D index were also supported.
Open interest has been on a slow upward trend since March 25th, with significant gains once local resistance was broken.
This signaled that speculators were willing to go long on PEPE’s short-term breakout.
FLOKI was out of line and slower.
Source: FLOKI/USDT on TradingView
FLOKI bulls were more hesitant than Dogecoin and Pepe. CMF signaled a healthy inflow of capital into the FLOKI market. The RSI also remained above neutral 50 on the 6-hour chart.
Similar to PEPE, it has a bullish market structure. Additionally, the 61.8% Fib retracement level saw a good response from bulls. Volatility may increase in the short term.
The bias for higher time frames was very bullish.
sauce: high block
The cumulative liquidation level is slightly negative, indicating an upward movement to eliminate short positions. Prices are attracted to large portions of liquidity.
Realistic or not, PEPE’s market cap in BTC terms is:
The settlement amount of $0.00027 is estimated to be close to $10 million.
The $0.000235 level was also an area to watch as a support zone. Before the decline, we may see a sharp rally to liquidate low leverage short positions around $0.00027.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
