The meme coin frenzy appears to be back in full swing as both Pepe (PEPE) and Shiba Inu (SHIB) have experienced significant price pumps over the past 24 hours. While the reasons behind these rallies are not entirely clear, technical analysis suggests that the upward momentum could continue for both cryptocurrencies.
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PEPE’s Breakout and Potential Continuation
PEPE, a meme coin inspired by the popular Pepe the Frog internet meme, has surged more than 15% today. After a five-day consolidation period, the price finally broke through a sideways trading channel at around 0.0000090 and spiked to 0.00001 before retracing slightly to its current price of 0.0000098 at the time of writing.
While the price may need to retest the broken support level before continuing its upward move, several factors suggest that the surge is not over yet. The Relative Strength Index (RSI), a momentum indicator that measures the magnitude of recent price changes, is currently at 59, indicating that the bulls have room to run.
Additionally, the 50 and 100 simple moving averages (SMAs) are fully stretched and facing upward, showcasing the strong buying momentum despite the current retracement. Furthermore, the trading volume has increased by 50% in the last 24 hours, reinforcing the bullish sentiment.
SHIB’s Consolidation and Potential Breakout
Meanwhile, SHIB, the famous Dogecoin-inspired meme coin, remains in a consolidation zone between 0.0000311 and 0.0000358, which it has been in for the past eight days. However, the bulls have been pushing the price upward today, potentially signaling a breakout from the consolidation phase and a subsequent push to higher levels.
According to an analysis by altFINS, SHIB’s price is in an uptrend across short, medium, and long-term timeframes. The analysis suggests a trade setup following a breakout from a Falling Wedge pattern, where the price resumed its uptrend, breaking above the $0.000012 and $0.000015 resistance levels with substantial trading volumes, reaching $0.000040 for a 225% gain in just one week.
Although the price became extremely overbought (with an RSI of around 98) and was rejected at $0.000040, the pullback could present a swing trade entry opportunity in the ongoing uptrend, with an upside target of $0.000050.
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Show more +Technical Analysis and Potential Resistance/Support Levels
Regarding SHIB’s technical indicators, the trend is considered an uptrend across all time horizons, and the momentum is bullish, albeit potentially peaking. The MACD (Moving Average Convergence Divergence) line is above the MACD signal line, and the RSI is above 55, suggesting bullish momentum. However, the declining MACD histogram bars indicate that momentum might be weakening.
In terms of potential support and resistance levels, the nearest support zone for SHIB is $0.0000225 (a previous resistance level), followed by $0.0000150. The nearest resistance zone is $0.000040, which was recently tested, and then $0.000050, which could be the next target if the uptrend continues.
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