Shiba Inu(SHIB)
As of this writing, it can be seen in the SHIB/USDT daily chart at Binance that the bearish trend has continued up to this time, which began around mid-May 2024. The price is now trading at $0.00001359, which has dropped by about 1.81% at the time of writing. From this price increase, there appears to be a period of correction after the sharp fall from mid-June. This consolidation is taking place in a crucial support region, and a breakdown here can extend the current selloff. The trade volume has remained at average levels, with no large increases to suggest interest to buy.
Source(tradingviews): SHIB/USD 24-hour trading chart
The current RSI indicator below the chart reads 42.20, indicating that the asset is within its fair value range rather than oversold or overbought conditions and overall ability deficit. This means that the trend is still on the course of downward movement despite the relative index improvement of the last few days. The relative strength index, as it approached the area of exhaustion in July, is associated with a slight surge in the price of the relevant asset, but the general movement is still downwards.
Bonk(BONK)
The chart shows the price action of BONK/USDT on the Binance exchange for several months. The candlestick chart depicts the declining trend of bonk price apart from a spike in June beginning to about $0.000036. After that, the value declined, but not without temperate socks and tiny price hikes. The last price action obtained shows that the current price is around $0.00001696.
Source(tradingviews): BONK/USD 24-hour trading chart
As represented in the relative strength index(RSI) reposted right below the price chart, the price went up and down at odd BONK. In the early stages of upward movement, the RSI fluctuated between 50 and 60, but this has now turned to below 50, confirming increased selling pressure. Currently, the relative strength index is approximately 43.13 for bonk exchanges. This implies no considerable interest in buying, although the exchanges are not yet at the oversold level.
Pepe(PEPE)
The PEPE/USDT charts show a downward tendency that has been particularly pronounced in the downward trend since mid-June. The price went to approximately $0.000001800 at the beginning of June and has since been gradually declining, with the last trades standing at $0.000000667. There were volume fluctuations with a few spikes of higher market activities, and the increasing trend appears to be declining. Several resistance levels are clear at $0.000001200 and $0.000001800, where there has been an upward movement that is only met with resistance.
Source(tradingviews): PEPE/USD 24-hour trading chart
Currently, the RSI Indicator readings are at the neutral area of 50, which indicates the market has no strong trend. However, based on the last movement below 50, it is very close to a bearish trend. This progress of the RSI implies that the buying volume has reduced, and there is a possibility of increased selling pressure soon.
The post SHIB, BONK, PEPE: Will the Bearish Momentum Continue? appeared first on Crypto News Land.
