The cryptocurrency market is witnessing a notable recovery, with Bitcoin’s price breaching the $70,000 mark. This breakthrough has generated buying momentum across various altcoins, positively impacting the meme coin sector. In this bullish sentiment, Pepe Coin and Shiba Inu have seen a robust recovery. The rally is now being boosted by a crucial on-chain metric, as the buying pressure continues to grow.
Whales Take Interest In SHIB & PEPE
Recent data from IntoTheBlock reveals a significant uptick in high-value transactions for Pepe Coin, with its transaction volume leaping from a modest $41.4 million to an impressive $128 million. This massive increase is a clear indicator of increased interest from large-scale investors or “whales,” which may boost volatility and trigger further buying activity.
Similarly, Shiba Inu has witnessed a considerable rise in transactions by whales, with transaction values surging from $44.2 million to beyond $141.7 million. This trend suggests a growing demand among significant investors, likely positioning the SHIB price on a stable bullish path in the short-term.
Pepe Price Analysis
PEPE’s price has made a significant jump recently and its rally hit the significant resistance at the $0.0000085 mark, a level expected to draw significant selling pressure against further upward movements. Nonetheless, following a recovery from the 20-day Exponential Moving Average (EMA20) low, bullish sentiment strengthened, enabling a push beyond Fibonacci retracement levels. Currently, the Pepe coin price stands at $0.000008, marking a decrease of nearly 2%.
The trend of the 20-day EMA is bullish, positioned at $0.0000079, while the Relative Strength Index (RSI) hovers above the neutral zone, suggesting that the market momentum may be tilting towards the bulls. If buyers can sustain this momentum around EMA20 level, there’s an increased chance of breaking past the $0.00001 level. Such a momentum could send the PEPE/USDT pair towards $0.000014, and possibly extend gains to $0.000017.
Conversely, a significant pullback from the current level might signal a revival of bearish pressure and consolidate the price within the $0.0000074 to $0.000009 range. However, buyers will strongly defend a decline from this level.
Shiba Inu Price Analysis
Shiba Inu’s price has risen above its 20-day Exponential Moving Average (EMA) of $0.0000287, indicating bullish momentum. Despite this, it has encountered strong resistance at $0.00003. Currently, the SHIB price is at $0.0000296, having increased by over 0.5% from the previous day.
If the price remains above the 20-day EMA, it might mark the end of the correction phase, possibly pushing the SHIB/USDT pair to reach $0.00003 and then, potentially, the next significant resistance level at $0.000035.
On the flip side, if the price cannot sustain above the EMA20 and falls below the 50-day Simple Moving Average (SMA), it could indicate a more significant retracement to the $0.000025 and then $0.000023 levels.
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