- Two of the leading memecoins had little differentiation in the price charts and statistics.
- There was evidence of a shift in short-term momentum and slow accumulation for one of them.
Pepe [PEPE] and Shiba Inu [SHIB] were both near the highs of a range for ten days. The Shiba Inu team reported on a marketplace that would revolutionize Web3 commerce and was in the news recently, although no solid timeline was released.
The recent rejection of PEPE by a major opposition meant the bulls had little to cheer about. Which of the two memecoins has the most bullish outlook for July?
The reach and the obstacles ahead
Source: PEPE/USDT on TradingView
PEPE has traded within a range of $0.0000099 to $0.0000076. At the time of writing, the mid-level of $0.0000088 was acting as support. The previous support of $0.000009-$0.0000096 turned into resistance.
The RSI on the 6-hour chart was not yet above the neutral 50 and the OBV was also in a downward trend. There was no buying pressure and further losses are expected.
Source: SHIB/USDT on TradingView
Shiba Inu also formed a range over the two weeks that stretched from $0.0000174 to $0.0000127. Shiba Inu had a more positive short-term outlook. The OBV moved sideways instead of in a downtrend like Pepe.
The RSI was also above the neutral 50, indicating upward momentum. Based on technical analysis, Shiba Inu has a more positive short-term outlook, where the price is at the highest level and the indicators are bullish.
Overvalued signals clash with one conclusion
The network value to transaction ratio at circulation peaked high for PEPE, showing that PEPE was relatively overvalued.
However, the 30-day MVRV was negative and undervalued. The solution is that the asset is overvalued compared to its circulating value, but the short-term price action makes it undervalued for investors, and the token is undervalued overall.
Organic demand weakened and daily active addresses were also in a downward trend. The average coin age was also in a strong downward trend, which the distribution shows.
Together, the on-chain metrics further amplified PEPE’s near-term weakness.
The NVT was not as high as it was in late April, but the 30-day MVRV was heading into positive territory.
Read Pepe’s [PEPE] Price forecast 2024-25
The average coin age has slowly increased over the past month, indicating accumulation.
Daily active addresses were higher for SHIB than PEPE (2325 vs. 3738 on July 13, respectively) and Shiba Inu had a more solid technical and on-chain basis to have bullish expectations.