- Meme coins like SHIB, PEPE, and even DOGE were hit hard by the latest market crash.
- PEPE’s price slipped by 26.91% over the past month while SHIB’s weekly performance was in the red zone at -19.60%.
- A significant bearish flag was triggered on SHIB’s daily chart during the past week.
Things have been rocky in the cryptocurrency market, but meme coins like Shiba Inu (SHIB) and Pepe (PEPE) have been hit especially hard. The leading meme coin in terms of market cap, Dogecoin (DOGE) also did not escape the market crash unscathed as its price dropped by more than 15% over the past seven days alone.
Between April and May of this year, the rapid and substantial increase in value of PEPE led to its market capitalization peaking at a noteworthy $1.6 billion for a period of time. Unfortunately, this is not the case anymore as the meme coin also suffered the consequences of the harsh market conditions.
CoinMarketCap indicated that PEPE’s price was able to climb by 0.62% over the past day, which left it trading at $0.000001123. However, PEPE’s price was still down by more than 18% over the past week. Additionally, PEPE’s price slipped by 26.91% over the past month of trading. Subsequently, the token’s market cap stood at $440,063,910.
Daily chart for PEPE/USDT (Source: TradingView)
From a technical standpoint, PEPE was trading just below the 9 EMA line on its daily chart. If it succeeds in breaking above this technical indicator, then it may flip the $0.00000129 resistance into support in the following 48 hours. Continued buy support may also push the altcoin’s price up to $0.0000019352 in the upcoming week.
On the other hand, if PEPE’s price is rejected by the 9-day EMA line, then it will be at risk of plummeting to the next crucial support level. In this scenario, the meme coin’s price could fall to $0.0000009809 over the next couple of days.
Meanwhile, things were not looking much better for SHIB as CoinMarketCap indicated that it was worth about $0.000008295 at press time. This was after it had faced a price decline of 1.41% over the past 24 hours. SHIB’s weekly performance was also still in the red zone at -19.60%.
Daily chart for SHIB/USDT (Source: TradingView)
A significant bearish flag was triggered on SHIB’s daily chart during the past week. This was after the 9-day EMA line crossed bearishly below the 20-day EMA line on 19 August 2023. As a result, the altcoin is at risk of testing the crucial support level at $0.00000781 in the next few days.
This bearish thesis will be invalidated if SHIB is able to close a daily candle above $0.00000882. Should it succeed in this regard, then it will have a clear path to rise to $0.00001023 in the following week.
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