As the Bitcoin price gains some momentum, the memecoins have set up a fine ascending trend. While the popular ones are struggling to gain attention, FLOKI leads the rally with over a 25% jump, followed by BONK with more than 10%. SHIB and WIF are also showing some strength, while DOGE & PEPE record marginal gains.
Now the question arises: can this move be considered the beginning of Memecoin Mania?
The FLOKI price has been trading with a huge bullish influence as the token has kept a step ahead towards its ATH. With a slight rise in market strength, sentiments flipped from neutral to hopeful, which has ignited the rally. The token has accomplished a parabolic curve and the latest upswing has triggered a rise from the neckline. However, now that the price has soared without a retracement, the bulls are expected to face extreme exhaustion before marking a new milestone.
Meanwhile, the broader picture suggests a diverse price action, wherein FLOKI is seen hitting new highs above $0.0004.
The daily chart suggests the possibility of a retracement but after remaining elevated for a while,. Besides, the weekly chart hints towards the probable highs at $0.0004, which may trigger a pullback as suggested earlier. The reason behind the speculation is the formation of a cup and handle, which could be completed at these levels. This pattern is largely considered bullish and hence a breakout is largely expected, which is supported by StochRSI, which has just rebounded from the lower range.
Collectively, FLOKI appears to have taken the lead among the memecoins, as the other popular ones are following the trend. Therefore, the price is expected to maintain a steep upswing and achieve the levels at 1.2 FIB which could attract bearish forces for a while. Nevertheless, after a minor consolidation, the FLOKI price may retain $0.00004 levels and continue to head towards new highs.
