The crypto markets have become highly volatile since the start of the month as market participants display less patience with the prevailing price action. Despite a rise in volatility, the volume remains below average, which has been a main cause of concern in recent times. Amid the changing market conditions, some of the altcoins, specifically, the memecoins, have been displaying significant strength.
With a slight change in market dynamics, FLOKI INU (FLOKI), Pepe (PEPE) & Dogecoin (DOGE) have attracted massive gains. While the other two memcoins are expected to maintain a huge bullish spell, DOGE is believed to remain within a restrictive rally.
FLOKI Inu (FLOKI) Price Analysis
After the recent upswing, the FLOKI price was stuck within a steep descending trend, failing to breach the upper trend line. After close combat, the bulls managed to lift the levels beyond the crucial range. With this, the price is believed to initiate a fresh upswing, reclaiming the lost levels, probably by the weekend.
The above chart shows that major action is yet to occur, as the Bollinger bands continue to move parallel to each other despite breaching the upper trendline. Besides, the RSI has triggered a bullish reversal from the average range, substantiating the bullish claim. Therefore, the FLOKI price is believed to range high and reach the key resistance zone between $0.00025 and $0.00026 before the end of the week.
Pepe (PEPE) Price Analysis
The PEPE price has been displaying some interesting price movements in the past few days as the bulls lead the rally, squeezing out the bearish influence. Although the rally was stuck within a descending parallel channel, a breakout led the price to revisit the yearly highs. Currently, the token appears to be poised to continue to trade in a discovery phase and form new highs, every day.
The strong bullish influence led the rally to break above the descending parallel channel and the resign wedge, which may have resulted in a notable plunge. However, a minor pullback may be expected as the bulls display some weakness after the recent breakout. Therefore, the PEPE price is believed to drop to the resistance-turned-to-support level below $0.00001 and trigger a huge upswing to reach $0.000013.
Dogecoin (DOGE) Price Analysis
The Dogecoin price has also initiated a fresh bullish spell as the prices have inflated over 10% since the early trading hours. However, the bulls do not appear to display acute strength as they are struggling to breach above the descending trend line. Therefore, it appears that the price could face yet another rejection and remain consolidated within a range.
The DOGE price rally appears to be slightly different than the FLOKI & PEPE as it remains under bearish influence. Interestingly, the stochastic RSI displays a bullish divergence and a possibility of consolidating within the upper range, similar to the lower accumulation phase it carried out in April. Therefore, the Dogecoin price is believed to breach the trend line but the levels at $0.16 may act as a barrier. If bulls manage to rise above these levels, a new yearly high could be imminent.
