In recent hours, Bitcoin's pullback has put greater selling pressure on the meme coin market. Many whales and short-term holders have begun to sell their tokens, resulting in significant price drops for both Pepe Coin and Shiba Inu.
However, some analysts believe that as some buyers attempt to enter at the current low prices, the market may experience a strong rebound.
The liquidation situation in the meme coin market is also intensifying.
As selling pressure in the crypto market continues to increase, many long positions are also beginning to be liquidated.
According to data from Coinglass, the total liquidation amount of Pepe Coin has exceeded $1.8 million, of which about $1.3 million is borne by buyers. Meanwhile, Shiba Inu (SHIB) also has $763,000 in liquidations, with $500,000 coming from buyers.
In recent days, there has been a noticeable decline in large transaction volumes for both Pepe Coin and Shiba Inu. Specifically, the whale trading volume for Pepe Coin has plummeted from $557 million to $176 million, while the whale holdings for Shiba Inu have also dropped from $368 million to $156 million within a week.
The significant decrease in whale activity has intensified selling pressure in the market, leading to substantial price declines. However, some analysts believe that after a surge following the elections, the current slump might actually be a good buying opportunity, and thus expect the market to see a strong recovery soon.
Pepe Coin Price Analysis
Pepe Coin has been continuously declining over the past few hours, currently encountering strong resistance around $0.00002. However, buyers are working hard to maintain the price at the 23.6% Fibonacci retracement level. Currently, the trading price of Pepe Coin is $0.0000192, having dropped over 2.1% in the past 24 hours.
The 20-day Exponential Moving Average (EMA) of Pepe Coin is in a downtrend, with the current price at $0.0000197, coupled with the Relative Strength Index (RSI) in the bearish zone, indicating that sellers currently dominate. If buyers can successfully stabilize the price around $0.0000178, the PEPE/USDT pair may see a rebound, potentially targeting a rise back to $0.00002, or even further up to $0.000025.
However, if sellers can push the price below $0.0000178, the increased selling pressure may cause the price to drop to the 50% Fibonacci retracement level of $0.000015, and potentially further down to the 61.8% Fibonacci retracement level.
Shiba Inu Price Analysis
Although Shiba Inu (SHIB) has recently rebounded from a support level, it still struggles to maintain above $0.000026. As of now, the price of SHIB is $0.0000255, having dropped over 0.6% in the past 24 hours.
To continue rising, buyers need to push the price above $0.000026, which would pave the way for a return to the significant level of $0.000029. If a successful close above $0.000029 occurs, it may complete a bullish inverted head and shoulders pattern, potentially pushing the price up to $0.0000395, or even further to $0.000047.
On the other hand, if the price falls below the 200-day Exponential Moving Average (EMA), it will indicate that bears are starting to dominate, which could lead to a decline in the SHIB/USDT trading pair, potentially targeting the Simple Moving Average (SMA) level of $0.000022.
