PEPE, FLOKI rally after double-digit losses: Will this continue?

  • FLOKI and PEPE were up by 2% and 8%, respectively. 
  • PEPE’s indicators looked mostly bullish, but FLOKI’s indicators were bearish. 

Meme coins like most cryptos witnessed price corrections on the 27th of April. Pepe [PEPE] and Floki Inu [FLOKI] were no exceptions, as their values also plummeted sharply.

However, there was good news as these meme coins did show signs of recovery, which might allow them to regain the value they had shed. 

Investors’ confidence is low

YourPOP, a popular crypto influencer, recently posted a tweet highlighting the top losers among meme coins on the 27th of April. FLOKI and PEPE were on the list as their values dropped by 11% and 12%, respectively.

This also had a negative impact on both meme coins’ social metrics. AMBCrypto’s analysis of Santiment’s data revealed that PEPE’s Weighted Sentiment dropped.

In fact, FLOKI’s Weighted Sentiment remained in the negative zone, meaning that bearish sentiment around the token was dominant in the market.

market sentiment remained bearish for PEPE and FLOKI

Source: Santiment

However, the last few hours were in investors’ favor as both these tokens’ price charts turned green. According to CoinMarketCap, FLOKI’s price moved up by more than 2%.

At the time of writing, it was trading at $0.0001787 with a market capitalization of over $1.7 billion. We then checked FLOKI’s daily chart to see which it was headed.

We found that its Money Flow Index (MFI) registered a downtick. Moreover, its Chaikin Money Flow (CMF) also followed a similar trend.

These suggested that FLOKI’s uptrend might not last. Nonetheless, the MACD displayed a bullish upperhand in the market.

FLOKIUSDT 2024 04 28 10 48 10FLOKIUSDT 2024 04 28 10 48 10

Source: TradingView

PEPE takes the lead

While FLOKI turned bullish, PEPE moved further ahead as its price increased by more than 8% in the last 24 hours.

At the time of writing, the meme coin was trading at $0.000007686 with a market cap of over $3.2 billion, making it the 37th largest crypto.

IntoTheBlock’s data revealed that at press time, over 72% of PEPE investors were in profit. AMBCrypto also found that buying pressure on PEPE increased in the last few days.

This seemed to be the case as its supply on exchanges dropped while its supply outside of exchanges increased.

buying pressure on PEPE was highbuying pressure on PEPE was high

Source: Santiment

Read Pepe’s [PEPE] Price Prediction 2024-25

The technical indicator MACD displayed a bullish advantage in the market. The meme coin’s Relative Strength Index (RSI) also registered an uptick, hinting at a continued price increase in the days to follow.

At press time, the RSI had a value of 57.4. However, like FLOKI, PEPE’s MFI also registered a slight downtick. This indicated trouble ahead, as there were chances of PEPE’s bull rally to end.

PEPEUSDT 2024 04 28 10 57 13PEPEUSDT 2024 04 28 10 57 13

Source: TradingView

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