Pepe price coils up for next leg higher as meme coins awaken

Pepe (PEPE) price has joined the broader cryptocurrency community, awakening after a show of strength in the Bitcoin (BTC) price. Alongside the frog-themed crypto’s value surge, meme coins are also rallying, which is an unexpected turnout considering how the sector has reacted to BTC price rallying over the past few months.

Also Read: Pepe 15% surge could restart meme coin mania

Will FLOKI follow as Pepe price rallies?

Pepe price has soared 11% amid capital overflows from the BTC market. The token’s price action over the last two weeks has culminated in a falling wedge pattern, which is a technical formation signaling a bullish reversal after a downtrend.

Notably, the strength of the trend that is currently budding heavily depends on whether BTC price is able to sustain current gains. If it does, Pepe price could extend to the supply zone, which stretches from $0.00000874 to $0.00001003. A break and close above its midline at $0.00000937 would confirm the continuation of the trend.

If history were to rhyme, Floki price could also explode, as the meme coin has followed the lead of Pepe, and then some, with both meme coins following the BTC price cue.

The Relative Strength Index (RSI) is moving upwards to show rising momentum, alongside the consistent green histogram bars of the Awesome Oscillator (AO), indicating growing bullish sentiment. With this, the price action of PEPE price could remain bullish, enhanced by a show of strength from BTC.

FLOKI/USDT 12-hour chart

On the other hand, if the supply zone does hold as a resistance order block, Pepe price could suffer a rejection that sees the meme coin roll over toward the $0.00000581 support before a recovery.