SHIB and PEPE prices plummet, what’s the outlook?
At the time of writing, PEPE’s price is down 1.14% in the past 24 hours to $0.0000147, while SHIB’s price is down 1.97% to $0.0000256.
Nonetheless, Pepe Coin’s relative strength index (RSI) remains close to 60, indicating bullish momentum for the coin. With further buying pressure, the cryptocurrency is likely to rise further as it has not yet reached overbought territory. In addition, on-chain data shows that PEPE’s transaction volume and number of active addresses are also steadily increasing, indicating that market participants are still very interested in it.
SHIB's OI is US$99.37 million and PEPE's OI is US$183.03 million. The data added to optimism in the market, highlighting increased investor enthusiasm for these assets. High levels of OI generally indicate high market participation, with investors anticipating significant price movements.
Taken together, although PEPE and SHIB have experienced certain price corrections in the short term, the market remains optimistic about their long-term potential. The massive accumulation behavior of whales, the growing futures OI, and the steadily rising RSI all indicate that investors are confident in the future performance of these two meme coins.
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