• 15 June, 2024
Market News Price Analysis

Analyst Predicts Bearish Trends for PEPE, SHIB, and FLOKI Amid Market Slump

The cryptocurrency market experienced a sluggish trend over the past weekend, with most tokens trading within a narrow range. Notably, memecoins PEPE, SHIB, and FLOKI have displayed divergent trends that warrant closer attention from investors.

Renowned crypto analyst Crypto Knight recently shared his insights on X, shedding light on the varied performance of these memecoins. PEPE, for instance, has shown signs of a significant volume drop and a bearish divergence in the Relative Strength Index (RSI). This suggests that PEPE’s price might test its local support level of $0.00001, potentially leading to bullish activity. 

However, if the bulls fail to respond, the price could fall further to the lower support zone, around $0.000007, possibly triggering a strong breakout. Crypto Knight’s analysis emphasizes the critical juncture PEPE finds itself in, with the potential for either a rebound or a continued decline. As of press time, PEPE is trading at $0.00001258, marking a significant upward movement of 2.69% in the past 24 hours.

Shiba Inu (SHIB) also faces a downward correction. The analyst noted that SHIB is having one of its most challenging weeks this month, with several key metrics starting on a bearish note. Over the past 24 hours, SHIB’s price has dropped by 0.14% and is trading at $0.00002316.

Source: Chart by Crypto Knight

FLOKI, another popular memecoin, has had a roller-coaster ride recently. It experienced a parabolic recovery, reaching a new all-time high (ATH) of $0.0003462. This rise was seen as a revival of memecoin mania, but bearish activity soon interrupted the bullish trend. 

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Currently, FLOKI’s price is testing a significant support level and may face further decline if it fails to hold. Crypto Knight’s recent post on X indicates that FLOKI has broken down from its parabolic recovery and could continue its bearish trend. 

Source: Chart by Crypto Knight

The Directional Movement Index (DMI) also suggests a possible bearish continuation. The price reached interim lower support at $0.000244, which might trigger a rebound within the parabolic curve. As of now, FLOKI is trading at $0.0002687, indicating a significant decrease of 2.85% in the past day.

Source: TradingView

The memecoin market is exhibiting mixed signals. PEPE shows potential for a rebound, SHIB faces critical metric declines, and FLOKI’s bullish momentum has been halted. The next few days could be crucial in determining the short-term direction of these memecoins, with significant implications for their respective communities and the broader cryptocurrency market.

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