PEPE vs Shiba Inu: Which memecoin dominates July’s market?

  • 📰 CryptoAmb
  • ⏱ Reading Time:
  • 86 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 38%
  • Publisher: 68%

United States News News

United States United States Latest News,United States United States Headlines

Pepe and Shiba Inu were both trading within a range, but a closer look at the indicators and on-chain metrics showed one of them was bullish.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 22. in US

United States United States Latest News, United States United States Headlines