Memecoin Mania: PEPE, BONK, and FLOKI Defy Gravity—Again

Frogs, dogs, and Vikings are leading another charge into the speculative stratosphere—because apparently, fundamentals are so 2023.

Pepe (PEPE), Bonk (BONK), and Floki (FLOKI) are ripping double-digit gains this week, proving that memecoins remain the crypto casino’s favorite slot machine. Retail traders keep feeding the beast, undeterred by last month’s 30% correction. Who needs utility when you’ve got vibes?

PEPE leads the pack with a 24-hour surge that’d make traditional asset managers blush—if they weren’t busy shorting it. BONK’s Solana-backed hype train chugs along, while FLOKI’s ‘metaverse ambitions’ (read: speculative tokenomics) attract just enough fresh liquidity to keep the ponzi… sorry, ‘community-driven ecosystem’ alive.

Analysts whisper about overheated RSI levels and unsustainable volume. But let’s be real—since when has technical analysis stopped degens from chasing green candles? As one trader put it: ‘Tokenomics? More like tokeno-magic.’ The house always wins… until the music stops.

$PEPE rises 10% but hits horizontal resistance

Source: TradingView

The 4-hour chart for $PEPE shows how the price came out of the top of the bear flag, but then collapsed as the crypto market deflated on Thursday. However, on reaching $0.00001038, a strong bounce has seen $PEPE rise more than 10% from that bottom.

Up against horizontal resistance now, it might be expected that the bulls break through and move the price up to the descending trendline. A break there, followed by a higher high above $0.00001296 WOULD put $PEPE back on track to continue the trend reversal.

Only a breakdown below $0.00001038 would potentially put the bears back in control.

$BONK surge hits resistance plus descending trendline

Source: TradingView

$BONK is already at its own critical point. Horizontal resistance and the descending trendline are barriers to further upside. That said, if the crypto market continues to make further gains on Friday, and the U.S. stock market isn’t overly affected, $BONK could find itself above the resistance and trendline by the end of Friday. However, the bulls will need to drag the price above the last higher high at $0.0000181 in order to start breaking the downtrend.

$FLOKI experiences 17% spike but is rejected from resistance/trendline

Source: TradingView

$FLOKI did perform one of the highest surges among the memecoins on Friday with a 17% spike from the bottom. Nevertheless, horizontal resistance at $0.000085, together with the descending trendline, were enough to put a stop to this bullish price action.

If the bulls aren’t able to push the price through the belt of resistance and the descending trendline, the downtrend is just going to persist, and this does look like the more likely outcome. However, a W pattern has formed, and with some good market news, a trend reversal could start to take place. Getting above the last local high at $0.00009168 would be a great start.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.