- Two of the leading meme coins had little in the way of price charts and metrics separating them.
- There was evidence of a shift in short-term momentum and a slow build-up of one.
baby [PEPE] And Shiba Inu [SHIB] Both were near the top of the 10-day range. The Shiba Inu team has been posting about a market that will revolutionize Web3 trading and has been in the news recently, although no specific timeline has been released.
PEPE’s recent rejection by a major resistance level means its bulls have little to cheer about. Which memecoin has a more bullish outlook for July?
The extent and obstacles that lie ahead
Source: PEPE/USDT on TradingView
PEPE has been trading in a range of $0.0000099 to $0.0000076. At the time of writing, the mid-range level of $0.0000088 is acting as support. The previous support at $0.000009 to $0.0000096 has turned into resistance.
The RSI on the 6-hour chart is not above the neutral level of 50 yet, and the OBV is also in a downtrend. There is no buying pressure and further losses are expected.
Source: SHIB/USDT on TradingView
Shiba Inu also formed a range over the past two weeks that extended from $0.0000174 to $0.0000127. Shiba Inu had a more bullish outlook in the short term. The OBV was moving sideways instead of bearish like Pepe.
The RSI was also above the neutral 50 level to show bullish momentum. Based on technical analysis, Shiba Inu stock has a more positive outlook in the short term, with the price rising in the high range and indicators leaning upward.
Overestimated signals conflicting with one result
source: Santiment
The network value to transaction ratio with trading increased significantly for PEPE, indicating that it was relatively overvalued.
However, the 30-day average market value (MVRV) was negative, indicating that it is undervalued. The solution is that compared to the trading value, the asset is overvalued, but its short-term price action makes it undervalued to investors, and overall, the token is undervalued.
Organic demand was weak with daily active addresses also trending down. The average age of the coin was also trending down strongly to show the distribution.
Overall, on-chain metrics reinforce PEPE’s short-term weakness.
source: Santiment
The NVT index wasn’t as high as it was in late April, but the 30-day average monthly maturity value (MVRV) was poking its head into positive territory.
Read Baby’s Book [PEPE] Price forecast 2024-2025
The average coin age has been slowly rising over the past month, indicating accumulation.
Daily active addresses were higher for SHIB compared to PEPE (2325 vs. 3738 respectively on July 13) and Shiba Inu had a more stable technical and chain basis to generate a bullish outlook.
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