In recent hours, the meme coin market has experienced increasing selling pressure after Bitcoin dropped from its peak. The prices of Pepe and Shiba Inu have significantly decreased as both whales and short-term holders have been selling off their stocks, leading to a sharp decline. However, analysts predict a strong recovery as buyers seek to take advantage of the current dip.
Liquidation surges in the Memecoin market
When selling pressure increases in the cryptocurrency market, there has been an increase in long-term position liquidations. According to Coinglass, Pepe has undergone a total of more than $1.8 million in liquidations, of which $1.3 million is attributed to buyers. Meanwhile, the SHIB token has seen a total of $763,000 in liquidations, with buyers accounting for $500,000 of that.
Data from IntoTheBlock shows that the trading volume of both Pepe coin and Shiba Inu has decreased in recent days. Specifically, the trading volume of Pepe whale has dropped significantly from a peak of $557 million to $176 million, while the interest of SHIB whale has decreased from $368 million to $156 million within a week.
This significant decline in whale activity has strengthened resistance levels, contributing to a sharp price drop. However, following significant increases after the election, the recent downturn may provide buying opportunities. Therefore, analysts predict that the market will soon experience a strong recovery.
Pepe price analysis
Pepe has undergone a recent decline, facing strong resistance at the $0.00002 mark. However, buyers are attempting to stabilize the price at the 23.6% Fibonacci retracement level. Currently, Pepe is trading at $0.0000192, down more than 2.1% over the past 24 hours.
The downward path of the 20-day Exponential Moving Average (EMA) is at $0.0000197, combined with the Relative Strength Index (RSI) in the oversold territory, indicating sellers are in control. If buyers attempt to hold the price around $0.0000178, the PEPE/USDT pair may recover to $0.00002 and potentially extend to $0.000025.
On the contrary, if the seller tries to push the price below $0.0000178, the selling pressure may increase and cause the price to drop to the Fibonacci 50% level at $0.000015 and may even decrease to the Fibonacci 61.8% retracement level.
Shiba Inu price analysis
Although SHIB price has recovered from the recent support level, it is still difficult to hold above $0.000026. As of the time of writing, SHIB is trading at $0.0000255, down more than 0.6% in the past 24 hours.
To generate more profit, buyers need to push the price above the resistance level at $0.000026 to set the stage for a retest of the $0.000029 level. Successfully closing above $0.000029 will complete the inverse head and shoulders pattern, potentially bringing the price to $0.0000395 and reaching the target of $0.000047.
On the other hand, the breakdown below the 200-day EMA line will indicate the bears are in control. This could push the SHIB/USDT pair down to the simple moving average (SMA) at $0.000022.
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Pepe and Shiba Inu are facing strong selling pressure: Is the Memecoin market losing momentum?
In recent hours, the meme coin market has experienced increasing selling pressure after Bitcoin dropped from its peak. The prices of Pepe and Shiba Inu have significantly decreased as both whales and short-term holders have been selling off their stocks, leading to a sharp decline. However, analysts predict a strong recovery as buyers seek to take advantage of the current dip. Liquidation surges in the Memecoin market When selling pressure increases in the cryptocurrency market, there has been an increase in long-term position liquidations. According to Coinglass, Pepe has undergone a total of more than $1.8 million in liquidations, of which $1.3 million is attributed to buyers. Meanwhile, the SHIB token has seen a total of $763,000 in liquidations, with buyers accounting for $500,000 of that.
Data from IntoTheBlock shows that the trading volume of both Pepe coin and Shiba Inu has decreased in recent days. Specifically, the trading volume of Pepe whale has dropped significantly from a peak of $557 million to $176 million, while the interest of SHIB whale has decreased from $368 million to $156 million within a week. This significant decline in whale activity has strengthened resistance levels, contributing to a sharp price drop. However, following significant increases after the election, the recent downturn may provide buying opportunities. Therefore, analysts predict that the market will soon experience a strong recovery. Pepe price analysis Pepe has undergone a recent decline, facing strong resistance at the $0.00002 mark. However, buyers are attempting to stabilize the price at the 23.6% Fibonacci retracement level. Currently, Pepe is trading at $0.0000192, down more than 2.1% over the past 24 hours.
The downward path of the 20-day Exponential Moving Average (EMA) is at $0.0000197, combined with the Relative Strength Index (RSI) in the oversold territory, indicating sellers are in control. If buyers attempt to hold the price around $0.0000178, the PEPE/USDT pair may recover to $0.00002 and potentially extend to $0.000025. On the contrary, if the seller tries to push the price below $0.0000178, the selling pressure may increase and cause the price to drop to the Fibonacci 50% level at $0.000015 and may even decrease to the Fibonacci 61.8% retracement level. Shiba Inu price analysis Although SHIB price has recovered from the recent support level, it is still difficult to hold above $0.000026. As of the time of writing, SHIB is trading at $0.0000255, down more than 0.6% in the past 24 hours.
To generate more profit, buyers need to push the price above the resistance level at $0.000026 to set the stage for a retest of the $0.000029 level. Successfully closing above $0.000029 will complete the inverse head and shoulders pattern, potentially bringing the price to $0.0000395 and reaching the target of $0.000047. On the other hand, the breakdown below the 200-day EMA line will indicate the bears are in control. This could push the SHIB/USDT pair down to the simple moving average (SMA) at $0.000022.