After a recent crash, the global crypto market is trying to make a recovery, with memecoins such as Shiba Inu (SHIB) and Pepe (PEPE) being on the watchlist of investors for a potential rebound. These meme coins have experienced price fluctuations in their recent months, prompting the question of which crypto has the potential to recover faster than the other, between PEPE and SHIB.
PEPE vs SHIB: Current Market Performance
Having shown a bearish trend with decreases in value over the past week and month by 4.98% and 4% respectively, PEPE price has experienced an increase of 3.08% to reach $0.00001172 today. This recent performance has propelled the Ethereum meme coin to a market cap of $4.93 billion, ranking 23, according to CoinMarketCap.
However, Pepe token saw a decreased trading activity, with the trading volume decreasing by 17% to reach $740.74 million, in the past 24 hours. The coin is also trading 31.36% lower than the all-time high of $0.00001718, it reached on May 27, 2024.
In a similar manner, the past week and month was challenging to SHIB, which recorded 13.91% and 23.06% in losses , over the past week and month respectively. With a market cap of $10.86 billion, Shiba Inu is the 12th largest crypto currency. T
Trading at $0.00001843 today, the memecoin saw a decreased trading volume by 26% to reach $289.16 million in the past 24 hours.
Although SHIB price reached its all-time high of $0.00008845 on October 28, 2021, it has since retraced by 79.14%
PEPE vs SHIB: Technical Analysis
PEPE’s short-term exponential moving averages show a downward trend, with values lower than the current price. Yet, the extended EMAs indicate a possibility of a recovery with values higher than the present price, indicating opportunities to buy.
The MACD level indicates a bearish signal for PEPE, with the MACD line positioned below the signal line, showing a downward momentum.
The RSI is currently at 46.53, indicating neutrality. This indicates that PEPE is not excessively bought or sold, showing an equilibrium that is subject to change based on market sentiment.
The current price of PEPE is nearing the Fibonacci pivot point at $0.00001285. The critical levels of support are at $0.00000849 and $0.00000588, with resistance levels at $0.00001717 and $0.00001983. Breaking through these resistance levels could indicate a robust rebound.
Now, let’s take a look at SHIB’s technical analysis.
Both SHIB’s immediate and future trends show bearish signals, with values consistently staying under the current price. This indicates consistent downward force.
The MACD indicator for SHIB is also indicating a bearish signal as the MACD line is below the signal line, suggesting ongoing negative momentum.
SHIB is currently at an RSI of 30.99, nearing the oversold level. This could suggest a possible chance to buy if market sentiment changes, indicating SHIB might be ready for a recovery.
The price of Shiba Inu is close to the pivot level at $0.00002512. Support levels are at $0.00002083 and $0.00001627, with resistance levels at $0.00002850 and $0.00003397. Breaking through these resistance levels may signal the beginning of a trend towards recovery.
Conclusion: PEPE or SHIB?
Both PEPE and SHIB face significant hurdles in their recovery paths. PEPE shows some mixed signals with short-term bearishness but long-term bullish potential as indicated by its EMAs and RSI. SHIB, while heavily oversold, suggests a stronger potential for an immediate rebound if market conditions improve, as indicated by its RSI and support levels.
Investors should keep an eye on these technical indicators and broader market trends. While SHIB may have a slight edge due to its oversold condition and lower resistance levels, PEPE’s long-term indicators hint at a solid potential for recovery. Ultimately, the recovery of these meme coins will depend on market sentiment, investor confidence, and broader economic factors influencing the cryptocurrency market in 2024.
The post PEPE VS : SHIB : Which meme coin will recover first in 2024 ? appeared first on CoinGape.
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