After marking interim highs, the Bitcoin price has maintained an equilibrium position. With the prices trading within a narrow range, it has offered an opportunity for the other tokens to rise. In the meantime, AI tokens had gained acute strength, which was followed by memecoins and DeFi tokens. In the meantime, a popular memecoin, Floki (FLOKI), has been displaying acute bullish momentum, which is flashing the possibility of becoming the third largest memecoin in the market.
The historical chart of the FOLKI price displays that the price has been finding new ATH every day as the bullish momentum piles up over the token. The price has hit the ascending trend line and is facing some bearish action. However, this has not hindered the bullish momentum, as the daily StochRSI has triggered a bullish divergence without hitting the lower support. Hence, the price is believed to break above the ascending trend line, which collides with the 1 FIB level and reaches the higher FIB levels at 1.2 at around $0.00037 anytime from now.
Dogwifhat (WIF) Becomes the 5th Largest Memecoin
Recently, the crypto space witnessed a steep rise in traders’ interest in memcoins. This resulted in a drastic surge in almost all the tokens, which were initiated by Pepe and Shiba Inu, Bonk, and Dogecoin followed the trend. With the recent price action, the dogwifhat surpassed Solana’s popular memecoin, BONK, to become the 5th largest memecoin, surpassing the $2 billion market cap.
The WIF price has been trading within an ascending parallel channel since its inception in the last few days of 2023. The bull run that has been triggered in the markets has caused the price to break above the upper resistance of the channel. Currently, the stochastic RSI has slid below the upper threshold, which suggests the price may undergo a minor pullback. But the upper resistance of the channel, which has transformed into a support, may hold the price well and trigger a strong rebound.
Now that FLOKI and dogwifhat (WIF) prices have been trading within a discovery phase, the memecoins are believed to reach new highs in the coming days.
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