were both near the highs of a range for ten days long. The Shiba Inu team posted about a marketplace that would revolutionize Web3 commerce and was in the news recently, although
The recent PEPE rejection from a key resistance meant that its bulls have little to cheer for. Which has the more bullish outlook for July among the two memecoins?PEPE has traded within a range that reached from $0.0000099 to $0.0000076. At press time, the mid-range level at $0.0000088 was acting as support. The former support at $0.000009-$0.0000096 was flipped to resistance.
The RSI on the 6-hour chart was not yet above neutral 50, and the OBV was also in a downtrend. The buying pressure was not present and further losses are anticipated.Shiba Inu also formed a range over the two weeks that extended from $0.0000174 to $0.0000127. Shiba Inu had a more bullish short-term outlook. The OBV was moving sideways instead of in a downtrend like Pepe.
The RSI was also above neutral 50 to show upward momentum. Based on technical analysis, Shiba Inu has a more positive short-term outlook, with the price at the range highs and the indicators leaning bullish.However, the 30-day MVRV was negative, showing undervalued. The solution is that compared to circulating value, the asset is overvalued, but its short-term price action makes it undervalued for investors, and overall, the token is undervalued.
Organic demand was weakening with the daily active addresses also in a downtrend. The mean coin age was also in a strong downtrend to show distribution.The NVT was not as high as it was in late April, but the 30-day MVRV was poking its head into positive territory.The daily active addresses were higher for SHIB than PEPE and Shiba Inu had a firmer technical and on-chain basis to have bullish expectations.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.