PEPE vs. Shiba Inu: July Memecoin Showdown
Release: 2024/07/15 21:43 Reading: 336
Pepe (PEPE) vs Shiba Inu (SHIB): Outlook for July
Pepe (PEPE) and Shiba Inu (SHIB) have been trading near their peaks for the past ten days.
Shiba Inu (SHIB):
Recently, the Shiba Inu team announced plans for a marketplace that could transform Web3 commerce, although no specific timeline was provided. Shiba Inu (SHIB) has formed a trading range over the past two weeks, spanning from $0.0000174 to $0.0000127. SHIB appears to have a more bullish short-term outlook. Its On-Balance Volume (OBV) is moving sideways, not declining, and its RSI is above 50, indicating upward momentum.
Pepe (PEPE):
On the other hand, Pepe (PEPE) faced rejection at a key resistance level, leaving its bulls less optimistic. It has been trading within a range from $0.0000099 to $0.0000076. Currently, the price is supported at the mid-range level of $0.0000088. The Relative Strength Index (RSI) is below 50, and the OBV is in a downtrend, indicating a lack of buying pressure.
On-Chain Metrics:
PEPE's Network Value to Transactions Ratio (NVT) recently spiked, suggesting relative overvaluation, but the 30-day Market Value to Realized Value (MVRV) is negative, indicating potential undervaluation in the short term. SHIB, on the other hand, shows more robust metrics. It had more daily active addresses than PEPE on July 13th (3,738 vs. 2,325).
Outlook:
Technical and on-chain data indicate a firmer foundation for bullish expectations for Shiba Inu (SHIB), reflecting stronger overall demand and a more positive outlook. While Pepe (PEPE) faces challenges, the upcoming marketplace launch could provide a catalyst for future growth.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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