The substantial drop in the crypto market today caused most assets—including Ethereum and Bitcoin—price drops. This bearish trend has also had an impact on the meme coin market; tokens like PEPE and FLOKI have seen considerable drop.
Though both meme tokens seemed to be improving a little bit earlier in the week, right now they are among the worst performers during the past day.
PEPE Faces Critical Support Level
PEPE has seen a considerable decrease in value, with the latest data from CoinMarketCap showing its price at $0.000010. This represents a 10.88% drop over the past day. Trading volume for PEPE has surged to $1,863,454,245, indicating increased market activity amid the decline.
The coin currently holds just above a critical support level of $0.000009373. A decline below this threshold can indicate additional downward momentum and bolster the negative trend. On the other hand, if the price breaks past the resistance level around $0.00001086, it may indicate a possible positive reversal.
FLOKI Battles Bearish Momentum
FLOKI has also been hit hard by the recent market downturn. The meme coin trades at $0.000138, as of publication. This indicates a dip by 11.14% in the last day, with a trading volume of $370,039,659. The token remains above the critical support level of $0.0001333. Should the price break below this level, further losses may follow, adding to the existing bearish sentiment.
However, if FLOKI tests and breaches the resistance at $0.0001506, it could potentially reverse its downward trajectory, leading to a shift in momentum from bearish to bullish soon.
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Read also: Why Is The Crypto Market Down Today? Bitcoin Price Dips to $60K
Liquidation Pressure Mounts on PEPE and FLOKI
According to BB Terminal’s analysis on X, both PEPE and FLOKI are experiencing mounting liquidation pressure. PEPE, in particular, is seeing clusters of liquidations as the price nears $0.00009, with a buildup just above $0.000012. This puts added pressure on long positions, further complicating the recovery prospects for the token.
$FLOKI and $PEPE are among the biggest losers in the last 24 hours, with both being down roughly -16%Here are the 1 week liquidation heatmaps for both on #Binance: #FLOKI liquidations are starting to built up above at around 0.18.#PEPE liquidations are more clustered,… pic.twitter.com/x1PnhVDaby
— BB Terminal (@BB_Terminal) October 2, 2024
FLOKI is also facing growing liquidation risks, with liquidations starting to accumulate around $0.00018. These developments signal increasing market tension, with both tokens struggling to maintain key levels amid the broader market decline.
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The post Meme Coin Watch: PEPE and FLOKI Among Biggest Losers appeared first on CaptainAltcoin.
