FLOKI and PEPE meme coins are in bullish pennant patterns with breakout targets at $0.00001800 and $0.000017547.
The meme coin market exhibits robust bullish signals as the FLOKI and PEPE prices prepare for potential breakout rallies. Bullish pennant patterns, a technical indicator that frequently foreshadows upward movement, have recently been observed in both tokens, suggesting that investor interest has been renewed.
The price of PEPE is anticipated to experience a breakout due to the bullish pennant formation
PEPE’s technical indicators indicate that it may be on the brink of a rally, and its current price is $0.00001124. The token has recently consolidated within a bullish pennant pattern, which indicates the potential for a trend continuation.
This formation indicates buyers’ potential to gain strength, as it follows a previous upward movement. The pennant’s upper trendline resistance is approximately $0.00001200, and a break above this level could propel PEPE toward a new high. According to data from IntoTheBlock, 71% of PEPE holders are currently profitable.
Analysts anticipate that PEPE could surge to $0.00001350 or even higher if it surpasses the $0.00001200 resistance. The breakout target is approximately $0.000017547, representing a potential increase of over 59% from the breakout point, as determined by the pennant’s initial run-up level.
Nevertheless, the level of support at $0.00001050 is still essential; any price decreases could stabilize at this level, laying the groundwork for a subsequent upward movement if momentum is sustained.
PEPE has already demonstrated a monthly gain of 29.54%, which suggests substantial interest among investors. Additionally, the coin may be on the brink of a 200% price increase, as indicated by a PEPE price prediction. PEPE may continue its upward trajectory in the days ahead, provided that it maintains its current trend and breaches the pennant resistance.
Will the price of FLOKI increase next week?
Another popular memecoin, Floki Inu (FLOKI), is currently trading at $0.00001451, and its chart is exhibiting a similar bullish pennant pattern. FLOKI, like PEPE, has undergone a period of consolidation after an upward surge, which typically indicates a period of accumulation before a breakout. The bulls could be energized, and the opportunity for additional gains could be created by breaking the token’s immediate resistance, which is located near $0.00001500.
The target price is approximately $0.00001800 if the FLOKI price can successfully breach this resistance following the falling wedge pattern. A potential increase of 142% from the breakout level is suggested by the possibility of further gains, which could propel the price as high as $0.00003500.
Maintaining support at or near $0.00001400 is crucial, as it could serve as a foundation in the event of a temporary decline. The current weekly and monthly increases of 3.72% and 11.28%, respectively, in FLOKI are indicative of the increasing interest of buyers. Additionally, IntoTheBlock data indicates that 77% of token holders are profitable.
The market remains neutral as bulls gain ground, as indicated by technical indicators for FLOKI, such as the Money Flow Index (MFI) at 37.68. Parallel to this, the Chaikin Money Flow (CMF) is at 0.22, indicating moderate buying pressure. This suggests a high likelihood of a FLOKI price breakout above the $0.00001500 level.
In addition to these two tokens, other meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have also experienced positive weekly gains, with increases of 6.99% and 8.10%, respectively. Nevertheless, FLOKI and PEPE are at the forefront of the market, exhibiting more pronounced bullish patterns. This suggests they may be in a favorable position to benefit from any forthcoming meme coin rally.
