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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 experienced price corrections on April 27th. Pepe (PEPE) and Floki Inu (FLOKI) weren’t exceptions, as their values plummeted sharply. However, both meme coins showed signs of recovery, which could allow them to regain some of the value they had lost.
On April 27th, meme coins such as PEPE (Pepe) and FLOKI (Floki Inu) experienced significant price drops, similar to many other cryptocurrencies.
As an analyst, I observed a promising development in the meme coin market. Despite experiencing significant losses, some of these coins displayed encouraging signs of bouncing back, potentially enabling them to reclaim their previous value.
Investors’ confidence is low
On April 27th, YourPOP, a well-known figure in the crypto community, called attention to the meme coins that had experienced significant losses. Among them were FLOKI and PEPE, which saw their values decrease by 11% and 12%, respectively.
The analysis of Santiment’s data by AMBCrypto uncovered a decline in the weighted sentiment for PEPE, which in turn affected the social metrics of meme coins as a whole.
Instead of “In fact, FLOKI’s Weighted Sentiment remained in the negative zone, meaning that bearish sentiment around the token was dominant in the market,” you could say:
In the past several hours, fortune favored investors as the graphs of FLOKI and the other token displayed gains. Based on CoinMarketCap data, FLOKI’s price experienced a rise of over 2%.
When I penned down these words, the cryptocurrency was priced at approximately $0.0001787 and boasted a market value exceeding $1.7 billion. Later on, we scrutinized FLOKI‘s daily graph to ascertain its trend.
I analyzed the financial data and noticed that both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicators showed a decrease in value for that particular asset.
The implications were that FLOKI‘s upward trend could be temporary. However, the MACD indicated a dominant bullish presence in the market.
PEPE takes the lead
As FLOKI took on a bullish stance, PEPE surged forward with its price climbing over 8% within the past day.
Currently, the value of the meme cryptocurrency is at around $0.000007686 in exchange for each token, and its total market capitalization exceeds $3.2 billion. As a result, it ranks as the 37th largest crypto by market cap.
At present, approximately 72% of PEPE investors have experienced a positive return on their investment based on data from IntoTheBlock. Moreover, there has been a noticeable surge in buying interest for PEPE as evidenced by AMBCrypto’s recent findings.
It appeared that this trend held true as the amount available on exchanges decreased, while the quantity in circulation outside of exchanges grew.
Read Pepe’s [PEPE] Price Prediction 2024-25
In simpler terms, the MACD technical indicator signaled a buying opportunity in the market, while the RSI of the meme coin indicated a rise in its strength, suggesting potential further price growth.
At the moment of publication, the Relative Strength Index (RSI) stood at 57.4. Meanwhile, similar to FLOKI, PEPE‘s Money Flow Index (MFI) exhibited a slight decrease. This observation hinted towards potential turbulence, suggesting that PEPE’s ongoing bull market could be coming to an end.
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2024-04-28 16:07