Pepe and Shiba Inu Face Strong Bearish Pressure: Is the Memecoin Market Losing Momentum?
Release: 2024/11/26 03:29 Reading: 850
Meme Coin Market Experiences Selling Pressure
In recent hours, the meme coin market has faced increased selling pressure due to Bitcoin's decline. Pepe and Shiba Inu coins have seen significant price drops as whales and short-term holders liquidate their holdings. Despite this, analysts anticipate a strong recovery as buyers seek to capitalize on the current dip.
Liquidation Surge in Memecoin Market
As selling pressure intensifies, long position liquidations have risen. Coinglass reports that Pepe experienced total liquidations of over $1.8 million, with $1.3 million coming from buyers. SHIB coin saw $763,000 in liquidations, with buyers accounting for $500,000.
Declining Whale Activity
Data from IntoTheBlock shows a decrease in large transaction volumes for both Pepe coin and Shiba Inu. Pepe's whale transaction volume fell from $557 million to $176 million, while SHIB's whale interest dropped from $368 million to $156 million in a week.
This reduction in whale activity has strengthened resistance levels, contributing to the price decline. However, analysts believe the recent downturn may present a buying opportunity after substantial gains following the election.
Pepe Price Analysis
Pepe coin has been facing resistance at $0.00002 and has declined over 2.1% in the last 24 hours. Buyers are attempting to stabilize the price at the 23.6% Fibonacci retracement level.
The downward trend of the 20-day EMA and the RSI in bearish territory suggest sellers have the upper hand. If buyers can hold the price above $0.0000178, the PEPE/USDT pair could rebound towards $0.000025. Conversely, selling pressure could lead to a drop to the 50% Fibonacci level at $0.000015.
Shiba Inu Price Analysis
SHIB has rebounded from its recent support line but struggles to maintain above $0.000026. Buyers aim to push the price higher to revisit $0.000029.
A bullish inverted head-and-shoulders pattern could emerge with a close above $0.000029, targeting $0.000047. However, a downturn below the 200-day EMA could see the SHIB/USDT pair decline towards the SMA at $0.000022.
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