Will PEPE & SHIB Price Rise Above the Bearish Captivity? Here’s What’s Next for These Memecoins!

The post Will PEPE & SHIB Price Rise Above the Bearish Captivity? Here’s What’s Next for These Memecoins! appeared first on Coinpedia Fintech News

The latest bearish action has compelled the Pepe price to drop below the lower support, which had formed a strong base since the start of the month. At the start of the month slashed the price. by over 40%; however, the bulls entered and dominated the rally. Although the bulls worked hard to alleviate the selling pressure, the bears are not yet finished. Therefore, the concern lies within the PEPE price rally, as a greater loss may be expected if Pepe fails to rebound from the current levels. 

Considering the technicals, it suggests that the price is preparing to shed off its gains, as the technicals are not in favour of the bulls. The MACD remains within the negative range while displaying the growing strength of the bears. The selling pressure is rising and cooling, which indicates the bears continue to hold a strong grip over the rally. Besides, the RSI heads towards the lower threshold due to the possibility of a breach below the support at $0.000007, which is imminent. 

The Shiba Inu price has lost its grip over the rally as the trend remains under massive bearish pressure. The volume dropped heavily, which has been dominated by the bears at the moment, which has kept the bearish clouds hovering over the rally. Hence, in the coming days, the price is expected to maintain a similar trend and eventually end up hitting the pivotal liquidity zone close to $0.0001 very soon. 

As seen in the above chart, the price remains stuck within a descending parallel channel and is unable to rise above the average levels. The opening and closing of the daily candles do not have much difference, which suggests a huge drop in volatility. The RSI remains grounded to the lower threshold, indicating the possibility of plunging to the lower support zone between $0.00000991 and $0.00000927. 

Both the memecoins, Shiba Inu (SHIB) & Pepe, continue to hover under a bearish influence and if the upcoming weekend close could be bearish, the upcoming week may expect a slight rise in buying volume.