Memecoins
PEPE VS SHIB: Which meme coin will recover first in 2024?
After a recent crash, the global crypto market is attempting to recover, with memecoins such as Shiba Inu (SHIB) and Pepe (PEPE) on investors’ watchlist for a potential rebound. These meme coins have seen price fluctuations over their past few months, raising the question of which crypto has the potential to recover faster than the other, between PEPE and SHIB.
PEPE vs SHIB: current market performance
After showing a bearish trend with drops in value over the past week and month of 4.98% and 4% respectively, PEPE price saw an increase of 3.08% to reach $0.00001172 today ‘today. This recent performance propelled the Ethereum meme coin to a market capitalization of $4.93 billion, ranking 23rd, according to CoinMarketCap.
However, the Pepe token saw a decrease in trading activity, with trading volume decreasing by 17% to $740.74 million in the last 24 hours. The coin is also trading 31.36% below the all-time high of $0.00001718 reached on May 27, 2024.
Similarly, the last week and month have been tough for SHIB, which recorded 13.91% and 23.06% losses in the last week and month, respectively. With a market capitalization With $10.86 billion, Shiba Inu is the 12th largest crypto currency. T
Trading at $0.00001843 today, memecoin saw its trading volume decrease by 26% to $289.16 million over 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
The short-term exponential moving averages of PEPE show a downward trend, with values below the current price. However, the extension EMA indicate a possibility of recovery with values above the current price, indicating buying opportunities.
The MACD level indicates a bearish signal for PEPE, with the MACD line positioned below the signal line, showing bearish momentum.
The RSI is currently at 46.53, indicating neutrality. This indicates that PEPE is not being bought or sold excessively, showing a balance that is subject to change depending on market sentiment.
The current PEPE price is approaching the Fibonacci pivot point at $0.00001285. Critical support levels lie 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 the technical analysis of SHIB.
SHIB’s immediate and future trends show bearish signals with values remaining consistently below the current price. This indicates a constant downward force.
The MACD indicator for SHIB also indicates a bearish signal as the MACD line is below the signal line, suggesting continued negative momentum.
SHIB is currently at a ROI of 30.99, close to the oversold level. This could suggest a possible buying opportunity if market sentiment changes, indicating that SHIB could be ready for a recovery.
Shiba Inu price is near 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 could signal the start of a recovery trend.
Conclusion: PEPE or SHIB?
Both PEPE and SHIB face significant obstacles in their journey to recovery. PEPE is showing mixed signals with a short-term downtrend but long-term upside potential, as indicated by its EMA and RSI. SHIB, although heavily oversold, suggests 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. Although SHIB may have a slight advantage due to its oversold situation and lower resistance levels, PEPE’s long-term indicators suggest solid recovery potential. Ultimately, the recovery of these meme coins will depend on market sentiment, investor confidence, and broader economic factors influencing the cryptocurrency market in 2024.