Memecoin Price Analysis: The recent growth and popularity of the new cryptocurrency PEPE have reignited the interest of investors in Memecoins, recognizing their potential to provide substantial returns on investment. Thus, with a higher possibility of these popular crypto categories to get back on the recovery cycle we will analyze price behavior in them to find long entry opportunities. 

Pepe(PEPE)

Source- Tradingview

The Pepecoin price gained massive popularity with its remarkable recovery this month and reached an All-Time High of $0.00000449. However, after such massive growth, it’s common for this memecoin to whiteness a correction and stabilizes the rising selling pressure.

Thus, the PEPE price tumbled 43% from the ATH and reached the crucial support of 50% Fibonacci retracement level. The 4-hour time frame chart showing several lower price rejection candles at this support indicates buyers are accumulating at this level.

If the buyers manage to sustain above this level, the coin price may resume the bullish recovery and rise 76% higher to rechallenge the ATH barrier.

Floki(Floki)

Source- Tradingview

The sideways trend in Floki price has started to bend upwards and shows the formation of new higher highs and higher lows. This new wave formation indicates the DOW theory which is used to identify a price trend has changed.

As of now, the FLOKI price trades at $0.0000385 and is witnessing a correction phase following the massive rally on May 5th. The bearish pullback is trying to take support at the 61.8% FIB level and may assist buyers to recuperate the bullish momentum.

If the buying pressure persists, a reversal from the aforementioned level will create a new higher low which will encourage the bullish rally 50% higher to hit the last swing higher of $0.0000579.

Also Read: Top AI Based Meme Coins List 2023

Shiba Inu(SHIB)

Source- Tradingview 

After spending two months of sideways trend between $0.0000117 and $0.00000968 levels, the Shiba Inu price has breached the lower support as a signal of downtrend resumption. On May 6th, the coin price gave a decisive breakdown from the $0.00000968 support and flipped into a suitable resistance.

In the coming days, the coin price may retest this breached level to check price sustainability at lower levels and also offer a short-selling opportunity to traders. The potential downfall may tumble the SHIB price 16-18% down to hit the December 2022 bottom support of $0.00000789.