The memecoin market has come alive lately, with PEPE beating all odds and leading what appears to be a market recovery.
PEPE, a relatively new memecoin known for its massive price rallies has done it again as of late. CoinMarketCap data shows that PEPE is holding a 7-day gain of about 18%, despite declining slightly after three straight days of bullishness.
Shiba Inu, on the other hand, hasn't been left out of the party, with the recent interest the whales are now showing.
Let us take a light overview of these memecoins, and figure out what is happening behind the scenes.
As a matter of fact: Yes, we can.
The crypto market isn't especially bearish at the moment. However, it isn't particularly bullish either.
Bitcoin continues to struggle under the $27,000 resistance, ranging somewhere between $26,100 and the $27,000 zone.
However, this hasn't stopped PEPE from doing what it wants.
After hitting a $0.0000006 low sometime around mid-September and consolidating for a while around this zone, PEPE has now entered a rebound.
The question remains open: Can we see a 50% rally on PEPE very soon?
Here's why this may happen:
CoinMarketCap data shows that PEPE is trading at an intra-day loss of about 1%.
It turns out that there is a perfectly valid reason for this downturn.
The chart above shows PEPE rebounding from the $0.0000006 support. However, PEPE is now facing resistance somewhere around $0.00000079 (illustrated by the red line).
This means that the bears are very active in this zone, and PEPE's recent downturn only confirms that.
From this, we can easily deduce that if PEPE breaks through the $0.00000079 zone, we may see a price rally on the memecoin, as illustrated above.
This rally might take PEPE straight up to $0.00000012.
Two new Shiba Inu whales have emerged, with previously inactive wallets receiving massive SHIB tokens from exchanges. The wallets, "0x6ab" and "0xA75," each received 61 billion SHIB, totalling over half a million US dollars according to Etherscan.
Neither wallet had any prior transaction history or account activity before receiving the SHIB from Binance.
The first wallet received its tokens directly from Binance, while the second wallet obtained its tokens from another anonymous wallet that had withdrawn them from MEXC.
Shiba Inu has been in a consolidation as of late and has been stuck in a volatility hole somewhere above the $0.000007 zone.
As it turns out, the bulls appear to be holding the price of the cryptocurrency from going below this support, while the bears, on the other hand, appear unmotivated to push prices lower.
The $0.000007 zone was validated as a support because of the long lower wick on the August 17 candlestick.
This means that SHIB may be sluggish in terms of price action, but it is safe from falling lower, as long as it stays above this support level.
If the bears continue to show this much disinterest in pushing the price of SHIB lower, the bulls may take it as an opportunity to launch the memecoin higher into a +60% gain, as it attempts to hit the $0.0000114 high of 12 August.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.