Pepe, Floki losing meme steam after hitting all time highs

Bitcoin’s sudden break below the $68,000 support line adds tremendous adverse pressure on meme assets amid a dwindling appetite for risk in the crypto market. This has also forced a significant retreat in the value of the other altcoins, with meme coins leading the way.  PEPE and FLOKI are two of them, and it is anticipated that they might likely lose some support in the crypto community.

Since Pepe’s price broke out of the bearish pattern a few days ago, it has been rising gradually. The price of Pepe has consistently displayed bearish candles, and it is anticipated that this trend will continue for some time to come. According to recent data from Pepe, over 227,990 addresses, or 96% of its holders, are currently profitable which represents an all-time high though profit-taking is also on the high
The impending introduction of Ethereum spot ETFs may provide these coins the impetus they need to resume their bull run, as an increasing number of institutional investors inject liquidity into the digital space.

Pepe popularized by the viral Pepe the Frog meme, PepeCoin has become well-known for its lighthearted branding and neighborhood-focused projects. It is worth observing because of its emphasis on NFTs and gaming collaborations. PEPE enhanced its value and attractiveness by announcing partnerships with top blockchain gaming platforms in 2024.

The recent upsurge in the price of FLOKI appears to have followed the PEPE price rally quite closely, as the token likewise reached new highs. While the recent inclusion of FLOKI perpetual on well-known exchanges like Coinbase may indicate further price increases, comparable strong rallies to those seen in other meme coins such as PEPE and Shiba

But the levels have been cracking and are now back within the acceptable range. This suggests that consolidation may go on for a little while longer before the ultimate breakthrough

Technically speaking, the daily RSI is presently at the 58 mark, indicating that sellers have been more active during the last two days of the downturn, pushing this reading away from the overbought area.

Regarding technical analysis, the asset’s price action highlighted a double bullish continuation pattern, comprising a bullish flag formation inside a symmetrical triangle. Following a more than month-long consolidation phase that started in early March when FLOKI hit a high of $0.00031500. The price fell significantly after reaching the swing high, reaching a low at $0.00011434, where it was greeted with double strong support from the base of the symmetrical triangle and the bullish flag.

Floki Inu makes use of clever marketing techniques and celebrity influence. Socially concerned investors are drawn to it because of its intentions for charitable endeavors and solid roadmap. In 2024, Floki Inu’s environmental initiatives and recent philanthropic contributions have garnered much media attention.