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- Shiba Inu (SHIB) price stayed in a closed range and witnessed consolidation.
- PEPE price retested the 100 day EMA mark and might rebound soon.
At press time, Shiba Inu and PEPE are dominating the memecoin market in terms of short-term growth. However, these memecoins have reflected profit-booking in the last few trading sessions.
Amidst the short term retracement, these memecoins have just cooled off and retested the support zones, while it might continue to ride in the bullish course.
Despite the market volatility, Shiba Inu and PEPE was one of the few crypto assets which displayed strong demand in the past few sessions.
Will Shiba Inu (SHIB) Revert Toward the Bullish Track?
Recently,SHIB memecoin price displayed follow on selling pressure and fell below its key moving averages, reflecting seller dominance.
The memecoin price has dragged below its crucial support zone of $0.00002000 amid lower low swings. SHIB has strong fundamentals and might retain its strength.
Source: Santiment
At press time, SHIB price was traded at $0.00001768 with an intraday drop of 3.20% reflecting slight bearishness on the charts.
A tweet by @Lookonchain highlighted a whale activity, which conveys a withdrawal transaction over $6.6 Million from Binance.
A smart whale withdrew 353.83B $SHIB($6.6M) from #Binance 45 minutes ago and currently holds 838.87B $SHIB($15.5M).
— Lookonchain (@lookonchain) June 20, 2024
The whale's profit on $SHIB is $6.12M.https://t.co/2knxKp4yEZ pic.twitter.com/05AQV2zqLw
Source: X
Its trading volume remained flat, while the market cap declined over 2.89% in the last 24 hours.
The RSI curve stays in the oversold region and might glimpse a bounce soon. Notably, the memecoin has ranked at 15 and has a total supply value of 999.98 trillion.
Nonetheless, the price volatility was relatively lower and signifies the drop in the investors interest. Similarly, the weighted sentiment remained below the midline region, directing the lack of confidence among the buyers to buy SHIB coin.
Source: Santiment
Could PEPE Hold a Trendline Support Zone this Week?
Recently, PEPE slipped from its ATH mark of $0.00001718 and retraced 35% over the last few trading sessions. Investors have booked their profits because of FOMO, which led the memecoin to drag toward its 100 day EMA mark.
Amidst this decline, the trend is still positive and intact, while the memecoin regressed toward its upward trendline support mark of $0.00001050 and might get support there.
At press time, PEPE price was traded at $0.00001102 with an intraday drop of 3.90% reflecting profit booking in the last trading sessions.
Source: Santiment
A break and close above the $0.00001320 mark would trigger the rebound and the PEPE price will continue to sprint the gains ahead. Its weighted sentiment data still remained in the positive region, but witnessed a decline of over 11% this week.
Source: Santiment
A tweet by @Jameson revealed that the trend is intact and the long term plan remains the same.
$PEPE
— Jameson (@JamesonEth) June 21, 2024
Whatever happens short term do not over complicate it, the plan remains the same
0.001 & SHIB flippening are both imminent
Don't get shaken out before the real moves come [pareto principle] pic.twitter.com/30Z3bRR39b
Source: X
Notably, the price volatility curve witnessed a nominal up move over 4% and displayed low investor interest this week.
Will the Memecoin Bullish Saga Resume?
Amidst a noteworthy bull run in these memecoins, investors have covered their long positions and booked their partial profits, which led to a slight decline in the last trading sessions. SHIB and PEPE crypto have potential, which gives an opportunity for the buyers to enter the dip.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
