SHIB Breaches Support Zone, PEPE Rejected at 200-Day SMA as Memecoins Lose Momentum
Shiba Inu (SHIB) and PepeCoin (PEPE) both faced technical setbacks on Tuesday, with SHIB breaking below high-volume support and PEPE failing to reclaim its 200-day simple moving average.
SHIB Breakdown Highlights Buyer Fatigue
SHIB slid from a high of $0.00001336 to a low of $0.00001297, breaking below its recent support level of $0.00001310. This invalidates a short-term bullish structure that had formed since May 31. Despite a 140% increase in burn activity (39.49M SHIB), price action turned decisively bearish. Open interest rose 2.03% to 11.36T SHIB, led by Gate.io with a 54% share.
- Descending channel confirmed after multiple rejections near $0.00001320.
- A large volume spike at 08:02 UTC suggested attempted absorption but lacked follow-through.
PEPE Pulls Back After 200-Day SMA Rejection
PEPE’s upward momentum stalled after hitting its 200-day SMA. The token’s market cap dropped to $5.2 billion, wiping out early session gains. While the 50-day SMA has crossed above the 100-day, the failed breakout now shifts focus to support near $4.64B.
Takeaway:
SHIB’s failure to hold support and PEPE’s inability to break resistance signal weakening sentiment in memecoins. Traders may wait for volume confirmation or key level retests before re-entering positions.
