MEME is taking the world by storm again!
Shiba Inu price up 43%! Will PEPE see a 40% surge in October?
In addition, Shiba Inu has also outperformed major meme coins in the past 24 hours and the past 7 days. For example, SHIB has surged 31.2% in the past week, while Dogwifhat, the second best performer among the top 10 meme coins by market cap, has surged 27.4%.
This analysis shows that Shiba Inu has performed very well compared to meme coins and altcoins. It is worth noting that the SHIB price surge is not the only parameter in the Shiba Inu ecosystem that is clearly showing bullish momentum; on-chain activity has also seen a surge.
SHIB's bullish momentum may be due to the surge in on-chain activity in the Shiba Inu ecosystem. According to Santiment, Shiba Inu has risen 43% in 9 days. As a background, trading volume, SHIB circulation, and whale activity surged on September 26, driving the price higher.
PEPE has been in an overall downtrend since May. The bearish momentum bottomed out multiple times in the $0.00000897 price range. As a result, the price has been leveling off in this range, followed by some bullish momentum.
The above findings suggest that most holders are unwilling to sell below this range. Therefore, this provides us with a local bottom from which we can make short-term and long-term PEPE price predictions.
The Fibonacci retracement places the next major price target for PEPE between $0.00001153 and $0.00001287. This is based on its current 5-month low and 5-month high.
This means that PEPE could rise by another 26% on the lower price target and more than 40% on the higher price target.
