Memecoin Showdown: Shiba Inu vs PEPE – Who Will Win July’s Market?

Memecoin Showdown: Shiba Inu vs PEPE - Who Will Win July's Market?

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

Source| TradingView

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

Source| TradingView

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

Source| Santiment

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.

Source| Santiment

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.

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?

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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