As an experienced analyst, I believe both PEPE and SHIB have their unique strengths and weaknesses that could influence their recovery paths. Based on the current market performance and technical analysis presented, it appears that SHIB may have a slight edge due to its oversold condition and lower resistance levels. However, PEPE’s long-term indicators suggest solid potential for recovery, especially with its EMAs showing bullish signs.
Following a recent market downturn, the global cryptocurrency scene is attempting a comeback. Memecoins like Shiba Inu (SHIB) and Pepe (PEPE) are drawing interest from investors who believe these coins may bounce back. Over the past few months, their values have seen significant ups and downs, raising questions about which crypto might recover more swiftly – PEPE or SHIB?
PEPE vs SHIB: Current Market Performance
Over the past week and month, PEPE‘s price displayed a downturn, decreasing by 4.98% and 4%, respectively. However, there has been a positive shift as the price surged by 3.08% to touch $0.00001172 currently. Consequently, Ethereum‘s meme coin PEPE now holds a market capitalization of $4.93 billion, placing it among the top 23 coins on CoinMarketCap’s list.
Pepe’s trading volume declined by 17%, amounting to $740.74 million in the last 24 hours. The coin is currently 31.36% below its all-time high of $0.00001718, which it reached on May 27, 2024.
Over the past week and month, my research shows that Shiba Inu faced considerable challenges, with a loss of 13.91% and 23.06%, respectively. Currently holding a market capitalization of $10.86 billion, Shiba Inu ranks as the twelfth largest cryptocurrency on the market.
As a researcher studying the market trends of this memecoin, I’ve observed that its current trading price is at $0.00001843. However, I notice a significant decrease in trading volume by approximately 26% within the last 24 hours. This decrease has resulted in a relatively lower trading volume of around $289.16 million.
The price of SHIB peaked at $0.00008845 on October 28, 2021, representing its highest value ever. However, since then, the price has dropped by a significant margin, amounting to a decrease of approximately 79%.
PEPE vs SHIB: Technical Analysis
PEPE’s short-term moving averages based on exponential sm smoothing have been decreasing, and these values are currently below the stock’s price. However, the extended moving averages suggest that there could be an opportunity for recovery, as their values are above the present price, potentially indicating profitable buying opportunities.
As an analyst, I would interpret the MACD indicator for PEPE in the following way: I observe that the MACD line is situated beneath the signal line, indicating a bearish trend for this stock. The MACD line’s positioning below the signal line signifies a downward momentum, suggesting potential selling opportunities or increased caution for investors.
The RSI figure for PEPE stands at 46.53, signifying a neutral stance. This implies that the number of buyers and sellers is roughly balanced, reflecting a state of equilibrium that can be influenced by shifting market emotions.
As an analyst, I’ve identified that the PEPE token is approaching a significant Fibonacci pivot point at around $0.00001285. Should the price reach this level, it might trigger some notable price movements. In the event of a bearish trend, the levels of support to watch out for are situated at $0.00000849 and $0.00000588. On the other hand, if the market exhibits bullish tendencies, the resistance levels to keep an eye on are located at $0.00001717 and $0.00001983. A successful break above these resistance levels could be a sign of a strong price rebound.
Now, let’s take a look at SHIB’s technical analysis.
The current and upcoming trends for SHIB suggest a bearish outlook, as its value persistently remains below the present pricing level. This implies a continuous downward pressure on the cryptocurrency’s price.
The MACD chart for Shib indicates a bearish trend as the MACD line currently sits beneath the signal line, signaling persistent downward price movement.
With an RSI of 30.99, SHIB is approaching the oversold territory. This potential sign of undervaluation may present an opportunity for investors should the market sentiment shift and trigger a recovery for SHIB.
Shiba Inu’s price is nearly touching the pivot point at a value of $0.00002512. The cost could find backing at $0.00002083 and $0.00001627 if it falls. On the upside, potential hurdles for advancement lie at $0.00002850 and $0.00003397. Clearing these levels could suggest a shift towards price recovery.
PEPE and SHIB encounter notable challenges on their respective roads to recovery. PEPE displays conflicting trends: bearish in the short term but bullish in the long term based on its Exponential Moving Averages (EMAs) and Relative Strength Index (RSI). SHIB, currently deeply oversold, indicates a greater likelihood for a swift rebound if market circumstances improve, as evidenced by its RSI and support levels.
Investors need to monitor these technical indicators and market trends closely. SHIB could experience some gains given its oversold state and lower resistance points. However, PEPE‘s technical indicators suggest a promising chance of recovery in the long term. The eventual bounce-back of these meme coins relies on the mood of the market, investor trust, and significant economic influences shaping the cryptocurrency sector by 2024.
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2024-06-20 19:15