- The two major memecoins had little to distinguish them on price charts or indicators.
- There was evidence of short-term momentum shifts and slow accumulation for one of them.
Both PEPE and SHIBA have been nearing their 10-day highs. The SHIBA team has been in the news recently, posting about a marketplace that will revolutionize Web3 commerce, but no firm timeline has been released.
With PEPE recently being rejected at a key resistance level, there is little for bulls to cheer about. Which of the two Mimecoins has a more bullish outlook for July?
Future scope and obstacles
Source: PEPE/USDT on TradingView
PEPE was trading in a range of $0.0000099 to $0.0000076. At the time of writing, the middle range level of $0.0000088 was acting as a support line. The previous support level of $0.000009-$0.0000096 has turned into resistance.
The RSI on the 6-hour chart was not yet above neutral 50 and the OBV was also in a downtrend. There was no buying pressure and further losses were expected.
Source: SHIB/USDT on TradingView
Shiba Inu also ranged from $0.0000174 to $0.0000127 for two weeks. Shiba Inu showed a more bullish outlook in the short term. OBV was moving sideways instead of downtrend like Pepe.
The RSI also showed upward momentum, surpassing the neutral 50 level. According to technical analysis, the Shiba Inu has a more positive short-term outlook, with the price at the high end of the range and the indicator tilted bullish.
Overestimated signals and conflicting conclusions
Source: Santiment
PEPE’s network value to transaction ratio has skyrocketed along with its circulation, showing that it is relatively overvalued.
However, the 30-day MVRV showed a negative undervaluation. The solution is that the asset is overvalued compared to its circulating value, but the short-term price movement makes it undervalued for investors and the token is undervalued overall.
Organic demand was weak and daily active addresses were also in a downward trend. The average coin age was also in a strong downward trend, showing the distribution.
A comprehensive look at on-chain metrics reveals that PEPE’s weaknesses in the short term are even more evident.
Source: Santiment
The NVT wasn’t as high as it was in late April, but the 30-day MVRV poked its head into positive territory.
Read Pepe (PEPE) price prediction 2024-25
The average coin age has been slowly increasing over the past month, indicating accumulation is taking place.
SHIB’s daily active addresses were higher than PEPE’s (2,325 vs. 3,738 as of July 13), and Shiba Inu’s technical and on-chain fundamentals are more solid, which leads to bullish expectations.