Key Highlights
- Shiba Inu (SHIB) faced significant volatility, peaking at 0.00001336 before dropping to 0.00001297, with high-volume support breached at 0.00001310.
- PepeCoin (PEPE) failed to sustain momentum above its 200-day SMA, signaling bearish pressure in the memecoin market.
- SHIB’s burn rate surged 140%, removing 39.49 million tokens from circulation, while open interest in derivatives rose to $158.65 million.
Detailed SHIB Price Analysis
Price Volatility and Support Levels
SHIB’s 24-hour trading range spanned 0.00000039 (2.96%), reflecting intense market activity. The 0.00001310 support level held overnight with 573B volume—double the daily average—but was broken ahead of press time, invalidating the bullish higher-lows pattern.
Technical Observations:
- Descending Channel: Resistance at 0.00001320 rejected multiple times, reinforcing bearish pressure.
- Volume Spike: A surge of 14.9B SHIB traded at 08:02 UTC indicated strong buying interest.
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PEPE’s Struggle Against Key Averages
PEPE’s recovery from May 31 lows stalled at the 200-day SMA, dropping its market cap to $5.2 billion**. The **50-day SMA** (**$4.64B) now serves as critical support, with a bullish crossover hinting at long-term momentum.
Outlook:
- A break below the 50-day SMA may trigger further declines.
- The 100-day SMA uptrend suggests dips could be temporary.
FAQ Section
Q: What caused SHIB’s high-volume support breakdown?
A: Bearish pressure overwhelmed buyers, compounded by broader crypto market risk-off sentiment.
Q: Is PEPE’s 200-day SMA rejection significant?
A: Yes—it signals sustained selling pressure, potentially driving prices toward the 50-day SMA.
Q: How does SHIB’s burn rate impact its price?
A: Increased burns reduce supply, but price depends on demand and overall market conditions.
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Final Notes
- SHIB’s breakdown underscores vulnerability to volatility, while PEPE’s SMA battle reflects trader caution.
- Monitor 50-day SMA for PEPE and 0.00001226 (May 31 low) for SHIB as pivotal levels.