Memecoins Regain Strength as Crypto Market Sentiments Grow Bullish; SHIB, PEPE & FLOKI Consolidate
- WBOYOriginal
- 2024-07-23 09:08:31465browse
While dogwifhat price managed to attract double-digit gains, popular ones like SHIB, PEPE & FLOKI continued to consolidate within a range
Cryptocurrency prices today: Memecoins consolidate after a day of gains
Memecoins lost their mojo on Monday after displaying double-digit gains in the past few days. While dogwifhat price managed to attract double-digit gains, popular ones like SHIB, PEPE & FLOKI continued to consolidate within a range.
After consolidating within a narrow range for a while, the crypto market sentiments are flipping back to bullish. Memecoins remained inflated since the early days of trading, but some among them managed the bearish heat quite well. Shiba Inu & Pepe prices are trying to recover from the day’s losses, while dogwifhat price maintains a healthy upswing.
Shiba Inu (SHIB) Price Analysis
Shiba Inu prices were struggling to reach the interim resistance of $0.0000188 over the past weekend. However, before marking these levels, the bears stepped up their activity and slashed the levels that traded at $0.000016 at the time. The current price action is going against bullish interest, and a significant pullback could follow in the coming hours.
The SHIB price maintains its trade within a bearish, descending parallel channel and within a range bound levels. The DMI is neutral, but the ADX is maintaining a descending trend, suggesting that the consolidation may continue for a while. Moreover, the RSI is maintaining a healthy upswing, suggesting that the price is under bullish influence. Hence, an upswing above the interim resistance could be imminent. However, the impact appears to be less as the bulls do not possess the required strength.
Pepe (PEPE) Price Analysis
After remaining elevated for a long time in the past few days, the PEPE price experienced a huge bearish heat on Monday. Currently, the token is struggling to hold above the ascending resistance after gaining levels above the range. In the coming days, market participants may expect a decent drain in prices as the bulls remain passive at the moment.
Soon after rebounding from the interim lows, the bulls consumed more time than required before triggering a rebound and entering within the range. However, the MACD displays a drop in the selling volume and hence, a drop in the pressure may drag the levels slightly down. The market participants seem to have taken the profit from PEPE, but the upcoming ETH ETF is expected to revive a strong ascending trend in a short while from now. This may raise the levels within the ascending triangle and after hitting the edge, it may rise towards new highs.
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