Shiba Inu (SHIB) has a more bullish outlook compared to Pepe (PEPE) for July’s market. Shiba Inu’s technical indicators, such as the RSI and OBV, are more bullish in the short-term. Shiba Inu is trading at the higher end of its recent price range, while Pepe is facing resistance at a key level.
PEPE’s Struggle for Momentum

PEPE’s price has fluctuated between $0.0000099 and $0.0000076, with the $0.0000088 mid-range level currently acting as support. Unfortunately, the technical indicators are not favorable for PEPE. The RSI remains below the neutral 50 level, and the OBV is in a downtrend, indicating weak buying pressure.
Shiba Inu’s Bullish Signals

In contrast, SHIB has displayed a more positive short-term outlook. The token’s price range extends from $0.0000174 to $0.0000127, with the RSI above the neutral 50 level, suggesting upward momentum. Additionally, the OBV is moving sideways, a more bullish signal compared to PEPE’s downtrend.
On-Chain Metrics: A Mixed Bag

The on-chain metrics paint a complex picture for both memecoins. PEPE’s NVT ratio has spiked, indicating it is relatively overvalued, but its 30-day MVRV is negative, suggesting it is undervalued in the short term. Meanwhile, SHIB’s NVT ratio is not as high as PEPE’s, and its 30-day MVRV has entered positive territory.
Organic Demand and Distribution
PEPE’s organic demand appears to be weakening, with its daily active addresses in a downtrend and the mean coin age declining, signaling distribution. Conversely, Shiba Inu’s mean coin age has been slowly increasing, indicating accumulation.

The Verdict: Shiba Inu Takes the Lead
Considering the technical and on-chain analysis, Shiba Inu seems to have a more bullish short-term outlook compared to PEPE. The token’s positive technical indicators, improving on-chain metrics, and the Shiba Inu team’s recent announcement about a potential Web3 marketplace have contributed to this assessment.
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In conclusion, while both memecoins have been trading in tight ranges, Shiba Inu appears to have the upper hand in the July market, with a more favorable technical and on-chain landscape.
Read Also: Shiba Inu Sees Surge in Buyer Activity: Potential Reversal Ahead?
