Shiba Inu (SHIB) and PepeCoin (PEPE) are under pressure as both tokens struggle to maintain momentum, signaling cautious sentiment across the memecoin sector.
Shiba Inu Breaks High-Volume Support Zone
SHIB experienced notable price volatility, peaking at 0.00001336 and dropping to 0.00001297 within the last 24 hours. The token initially found strong support at 0.00001310, backed by over 573 billion SHIB traded—more than double the 24-hour average. However, this support was breached, disrupting an upward pattern of higher lows established since the May 31 bottom of 0.00001226.
This breakdown coincided with a surge in the SHIB burn rate, which spiked by 140%, eliminating 39.49 million tokens from circulation. Despite this deflationary move, the price structure deteriorated.
Open interest in SHIB derivatives rose by 2.03% to 11.36 trillion SHIB ($158.65M), led by Gate.io with over 54% market share. However, technicals show a descending channel forming since the June 3 peak, with repeated rejection at 0.00001320 resistance, indicating persistent bearish pressure.
A key volume spike at 08:02 (14.9B SHIB traded) suggested renewed buying interest, but bulls have yet to regain control.
PepeCoin Rejected at 200-Day Moving Average
PepeCoin (PEPE) attempted a recovery after its May 31 low but faced strong resistance at the 200-day simple moving average (SMA). The price stalled, pushing the token’s market cap back to $5.2 billion, signaling a loss of momentum.
The rejection at this long-term resistance level could lead to a retest of the 50-day SMA, currently near a market valuation of $4.64 billion. While short-term downside risk exists, the 50-day SMA has recently crossed above the 100-day SMA, which points to a potentially broader bullish shift in trend.
Market Outlook
Both SHIB and PEPE are consolidating amid increased volume and technical resistance, with price action indicating uncertainty among retail and institutional traders. For SHIB, sustained recovery will depend on reclaiming the 0.00001310 support, while PEPE must break above its 200-day SMA to confirm bullish continuation.
Until these levels are retaken, the memecoin sector may remain under pressure, reflecting broader caution across crypto markets.
