The FLOKI and PEPE prices have held up well today despite an ongoing crypto market correction.

If meme coins flourish during the upcoming bullish market cycle, which one of these will lead the meme coin charge? Let’s find out!

FLOKI Leads Meme Coin Charge

The daily time frame technical analysis shows the FLOKI price has increased since the start of February. On February 9, it broke out from a descending resistance trend line and reclaimed the $0.0000295 horizontal area. FLOKI had previously fallen below the area (green circle), but the upward movement rendered that decrease as just a deviation.

During the breakout, the daily Relative Strength Index (RSI) increase above 50 (green icon). Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. So, the RSI readings legitimize the breakout.

After breaking out, FLOKI was rejected by the 0.382 Fib retracement resistance level at $0.0.0000345 (red icon) and has fallen since. Despite this decrease, the trend is considered bullish as long as FLOKI does not close below the $0.0000295 support. If the FLOKI price resumes its previous breakout, it can increase by 30% to the next resistance at $0.0000425.

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Author: Valdrin Tahiri

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