Pepe and Shiba Inu have attracted attention due to significant price changes. Pepe’s value might undergo a correction, while Shiba Inu is currently experiencing a downward trend. Investors’ actions and technical indicators indicate possible changes ahead.
Two popular memecoins, Pepe (PEPE) and Shiba Inu (SHIB), have been in the spotlight recently due to their notable price changes. Investors are eager to know what the future holds for these coins as they have been on a downward trend lately.
Potential Correction Ahead for PEPE: Technical Analysis Insights
Over the past four weeks, PEPE has demonstrated a remarkable surge of over 700% against the US dollar, reaching a notable resistance range between $0.0000087 and $0.0000117. However, recent indicators suggest a potential medium-term correction for the memecoin. The observed rising trend, accompanied by a double top formation and a falling divergence in the Relative Strength Index (RSI), indicates a possible downturn in the near future.
Should PEPE’s price decline below the support level of approximately $0.0000061, analysts anticipate a further downward trajectory towards the next liquidity level around $0.0000049. Conversely, if PEPE bulls successfully sustain the price above the recent high, it could signal a reversal of the short-term downtrend and mark the beginning of an uptrend.
Correction Trend in SHIB: Analysis and Insights
SHIB, the second-largest memecoin, has witnessed a corrective trend over the past three weeks, resulting in a substantial decline from $0.000045 to $0.0000259, representing a loss of approximately 45% of its value.
Daily Chart SHIB: Source – TradingView
Analysis of the daily chart reveals the presence of a downward trend line, acting as dynamic resistance for buyers, coupled with a breach below the 50% Fibonacci retracement level, signaling a weakened bullish momentum. Notably, data from the on-chain platform IntoTheBlock highlights significant disparities in investor behavior, with a notable increase in SHIB holdings among short-term investors while long-term holders have reduced their assets by 9.07%.
This shift in investor sentiment towards Shiba Inu suggests heightened speculative interest among newcomers or short-term investors, potentially leading to increased selling pressure and the possibility of breaching further support levels.
Looking ahead, if sellers succeed in driving the price below the 61.8% Fibonacci retracement level, corresponding to $0.00002376, analysts anticipate a potential decline to $0.00001812 for SHIB by the end of March. Conversely, a recovery in SHIB’s price would necessitate a break above the general trend line.
Technical indicators, including the rising 50-day Exponential Moving Average (EMA) potentially offering support at the $0.0000237 level, and the considerable gap between the Moving Average Convergence Divergence (MACD) and the signal line, indicating a pronounced correction trend for the memecoin, provide additional insights into SHIB’s current trajectory.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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