After the US presidential elections, the crypto community gained massive bullish sentiment with Trump’s victory. Many meme coins have grown enormously, but the market has slowed down in the past few days. However, Shiba Inu and PEPE are in the spotlight as traders expect another rally from these meme coins.
Meanwhile, the new utility meme coin, Cutoshi (CUTO), has been going viral, trending on social media worldwide.
Shiba Inu (SHIB) Continues Congested Price Action
The Shiba Inu price has been consolidating since last week after a critical trendline breakout with a massive rally. The 4-hour chart shows the price moving in a triangular consolidation for a few days.
Shiba Inu currently trades at $0.0000248 after a 1.5% intraday surge. Yesterday, the daily candlestick was a doji with long wicks, showing indecisiveness among traders.
The Shiba Inu uncertainty continues today and the price is moving in a tight range between the triangular pattern’s support and resistance trend lines. If Shiba Inu breaks above the upper trendline, it could signal the end of price correction and trigger another rally, boosting the price significantly.
Will Pepe (PEPE) Continue To Rise After Correction?
In contrast to Shiba Inu, PEPE showed a much better rally, gaining 130% in just five days. PEPE recovered from its month-long ranging price action, easily breaking the $0.00001115 resistance. This massive bullish sentiment of the PEPE community led to the PEPE price reaching a new All-time High of $0.00002563.
However, PEPE, too, faced a strong rejection, dropping from the new ATH and now trading at $0.00002012. Despite the significant price drop, the PEPE price is still overbought, with a Relative Strength Index of 74.
As PEPE has slowed, its 10-day Simple Moving Average is rising quickly, catching up with the price. PEPE demand might surge after the price meets the 10-day SMA and there is a good chance for the price to break the immediate resistance at $0.00002272 and $0.00002365 to make a higher ATH.
Cutoshi (CUTO): Viral Meme Coin Trending Worldwide
For centuries, the Japanese and Chinese people have kept the Lucky Chinese Cat in their homes, drawing its lucky powers. According to tradition, the cat blesses its owners with good fortune and prosperity. To spread the lucky cat’s power to the world, Cutoshi has tokenized the symbol to create the meme coin
Go to Source to See Full Article
Author: Crypto Daily
