Popular memecoin projects Shiba Inu (SHIB) and Pepe (PEPE) marked the day with their rises.
Cryptocurrency market started the day calmly today. Although there were increases in many altcoins, these were small-scale. However, two of them stood out. PEPE and SHIB became one of the highest risers of the day with their rise.
Two popular memecoins have been bullish in parallel. Coinglass data pointed to an increase in interest on the SHIB side with futures reaching $101 million. This situation also paved the way for the rise of SHIB. PEPE, which did not fall behind the rise of SHIB, made an upward movement of more than 5 percent.
PEPE and SHIB chart analysis
SHIB witnessed the highest money inflow since February 5, with its interest in futures. The increase in long positions and the appetite to buy enabled SHIB to experience an increase of close to 10 percent during the day. In addition, SHIB managed to attract attention with its market value of $ 6.4 billion. SHIB has seen an average gain of 60 percent since mid-June. The project, which exhibited a bull run, made one wonder about the memecoin frenzy. However, there is not yet a memecoin frenzy like in the past months in the market.
Looking at the SHIB chart, the $0.000011 level is seen as a key resistance point. Should SHIB break through this point, its next target will be the $0.00001185 level. This level is known as the April level. On the SHIB side, the increase in selling pressure and the subsequent correction, the $ 0.000001049 level is a support task. A break of this support could start to ring the bells of $0.00000947 for SHIB.
The situation is similar on the PEPE side. A possible sequel is that Memecoins exhibit parallel movements in the rise and fall. The rise of SHIB may increase interest in PEPE. However, in a reverse decline, pressure may also arise on the PEPE side.
The weak resistance point in front of PEPE is the $0.00000136 level. With the break of this point, PEPE can strengthen its upside movement. At another resistance point, the $0.00000152 level is critical. If this level, which is a strong resistance point, is crossed, it can be come to the nose with $ 0.00000169. On the other hand, looking at the bearish scenarios, the support point of PEPE at $0.00000123 is critical. A break of this support could accelerate the pullback and PEPE could test $0.00000105.
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