Will PEPE & SHIB Price Rise Above the Bearish Captivity? Here’s What’s Next for These Memecoins!
Release: 2024/08/17 15:49 Reading: 598
Will PEPE & SHIB Prices Rise Above the Bearish Captivity? Here's What's Next for These Memecoins
Pepe (PEPE) Price Analysis
The recent bearish trend has pushed the Pepe price below its lower support, which had been a strong base since early in the month. The start of the month saw a 40% price drop, but bulls stepped in and regained control of the rally. Despite their efforts to ease selling pressure, the bears remain persistent. Therefore, concern surrounds the PEPE rally, as further losses may occur if Pepe fails to recover from its current levels.
Technical indicators suggest the price is preparing to shed its gains, as they favor the bears. The MACD remains in the negative range, indicating the growing strength of the bears. The selling pressure is rising, showing that the bears continue to dominate the rally. Additionally, the RSI is moving towards the lower threshold, indicating a potential breach of the support at $0.000007.
Shiba Inu (SHIB) Price Analysis
The Shiba Inu price has lost its rally momentum, facing significant bearish pressure. Trading volume has dropped sharply, with bears dominating, casting a shadow over the rally. In the coming days, the price is expected to follow a similar trend and reach the pivotal liquidity zone near $0.0001.
As shown in the chart, the price remains confined within a descending parallel channel, unable to break above average levels. The daily candles show little difference in their opening and closing prices, indicating low volatility. The RSI is anchored near the lower threshold, suggesting a potential drop into the lower support zone between $0.00000991 and $0.00000927.
Both Pepe and SHIB remain under bearish influence, and a bearish close this weekend could lead to a slight increase in buying volume next week.
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