Shiba Inu (SHIB) Leads Meme Coin Rally, PEPE and DOGE Follow
Shiba Inu’s (SHIB) bullish momentum in the previous 24 hours retraced when the resistance at the intra-day high of $0.000007247 proved too challenging to overcome. Consequently, negative momentum seized market control, plunging the price to an intra-day low of $0.000007143 before restoring support.
SHIB was trading at $0.000007187 at press time, down 0.35% from the intraday high. Despite this setback, SHIB remains resilient, hovering around the support level, suggesting the possibility of a quick comeback.
While the SHIB market cap fell by 0.35% to $4.24 billion, the 24-hour trading volume grew by 0.28% to $63.03 million, indicating more activity and interest in the token. This rise implies that there is still substantial demand for SHIB despite the recent price drop, which might contribute to a quick rebound.
SHIB/USD 24-hour price chart (source: CoinStats)
Pepe (PEPE) Analysis
Pepe (PEPE) has also had a negative trend, with positive momentum fading after hitting resistance at the intraday high of $0.0000007316. Consequently, bears drove the PEPE price to a 7-day low of $0.0000006979. If negative momentum weakens and the price goes below the $0.0000006979 support level, the next support level to monitor is around $0.0000006800.
However, if the bulls recover control and push the price above the resistance level of $0.0000007316, a rally toward the next resistance level of $0.0000007500 is possible.
Furthermore, PEPE’s market capitalization fell by 0.75% to $278.71 million, signaling probable market selling pressure. On the other hand, the 19.01% increase in 24-hour trading volume to $45.67 million implies that buyers are willing to enter the market at these lower price levels, potentially supporting the cryptocurrency.
PEPE/USD 24-hour price chart (source: CoinStats)
Dogecoin (DOGE) Analysis
Bulls have had the upper hand in the previous 24 hours, with bearish efforts to lower the price below $0.06084 support. Bulls quickly rebounded, driving the DOGE price to a 24-hour high of $0.06134 before settling around the $0.061 level.
This rising momentum shows substantial purchasing pressure in the market, suggesting a possible continuation of the positive trend soon. In addition, a break over the $0.06134 resistance level may result in more gains for Dogecoin, driving the price toward the next resistance level at $0.062.
DOGE’s market capitalization and 24-hour trading volume climbed by 0.27% and 2.89%, respectively, during the bull run, to $864 billion and $112.78 million. This increase in market capitalization and transaction volume validates bullish emotions around DOGE, demonstrating increased investor interest and confidence.
DOGE/USD 24-hour price chart (source: CoinStats)
In conclusion, despite recent setbacks, SHIB, PEPE, and DOGE show signs of resilience and potential for a rebound, fueled by growing market activity and investor interest.
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