- Both Pepe [PEPE] and Shiba Inu [SHIB], prominent memecoins, have been displaying relatively similar behavior in terms of price charts and metrics.
- There are emerging indications of a shift in short-term momentum and a slow accumulation for one of these assets.
- The Shiba Inu team recently announced a new marketplace aiming to revolutionize Web3 commerce, although specific timelines were not provided.
Explore how Pepe and Shiba Inu are navigating the current market landscape and which memecoin might have a more bullish outlook for July.
PEPE and SHIB’s Position in the Market Range
Over the past ten days, both PEPE and SHIB have been trading near the upper boundaries of their respective ranges. Specifically, PEPE’s trading range has been from $0.0000099 to $0.0000076, with current support observed around the $0.0000088 mark. Conversely, former support between $0.000009-$0.0000096 has now turned into resistance, posing challenges to bullish momentum.
Technical Indicators and Market Sentiment
The Relative Strength Index (RSI) on the six-hour chart for PEPE has not risen above the neutral 50, reflecting persistent selling pressure. Moreover, the On-Balance Volume (OBV) trend supports this outlook, indicating that buyer interest remains subdued.
Shiba Inu’s Market Behavior
Shiba Inu has been trading within a range of $0.0000174 to $0.0000127 over the past two weeks. Unlike PEPE, SHIB displays a mildly bullish short-term outlook. The RSI for SHIB stands above the neutral 50, indicating positive momentum, and the OBV remains stable, further signaling potential upward movement.
On-Chain Metrics and Investor Sentiment
PEPE’s on-chain metrics reveal conflicting signals: while the Network Value to Transactions (NVT) ratio suggests it is overvalued, the 30-day Market Value to Realized Value (MVRV) ratio implies it is undervalued. Additionally, a decline in daily active addresses and mean coin age highlights decreasing demand and ongoing distribution, signifying further expected weakness.
In contrast, Shiba Inu’s 30-day MVRV is nudging positive, indicating a healthier market perception. The mean coin age has been gradually increasing, denoting accumulation. Shiba Inu continues to exhibit higher daily active addresses compared to PEPE, reinforcing its stronger short-term bullish outlook.
Conclusion
In summary, while PEPE faces several technical and on-chain challenges, Shiba Inu appears to be in a relatively better position with positive short-term indicators and stronger investor sentiment. Investors keen on memecoins might find Shiba Inu a more attractive option in the current market landscape, especially as it leverages its potential advancements in Web3 commerce.
