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Highlights
- Pepe Coin posts an impressive recovery after bouncing off support at $0.00001.
- Dogecoin may crash back to the double-bottom support at $0.12 before attempting a trend reversal.
- Shiba Inu tests a descending triangle support as traders look forward to a rebound.
The cryptocurrency market is attempting a recovery on Wednesday after a week of persistent sell-side pressure that left investors counting hefty losses. CoinGecko data shows a 1.2% increase in the cumulative market cap to $2.487 trillion, reflecting small increases in crypto prices. Select meme coins seem to be at the forefront of the recovery, with Pepe Coin rebounding more than others.
Pepe is up a modest 8.5% to $0.00001141 during the US trading session. The frog-themed meme coin dons an impressive 8.5% surge in the market cap to $4.8 billion, ranking #23 among other cryptocurrencies on CoinMarketCap. Its trading volume is above $1 billion, making it the 11th most traded digital asset in 24 hours.
Dogecoin, Shiba Inu Meme Coins Struggle To Keep Up
Unlike most altcoins, Dogecoin (DOGE), and Shiba Inu (SHIB) are some of the coins contributing to the increase in the total market cap. The largest meme coin, DOGE is up 2.5% to $0.1236 while SHIB sustains a 1.8% increase to $0.00001822.
While Dogecoin bounced off double-bottom support at $0.12, bulls lost momentum on approaching $0.13. Resistance highlighted by the 20-day Exponential Moving Average (EMA) annihilated the momentum.
Based on the current technical structure, as the Relative Strength Index (RSI) resumes the downtrend toward the oversold area, DOGE might claw back all the accrued gains to retest support at $0.12. Another successful retest could validate the bounce back and strengthen the uptrend toward the $0.2 level.
Shiba Inu, on the other hand, is falling toward a descending triangle’s support amid the effects of a death cross pattern that formed when the 20-day EMA recently moved below the 50-day EMA.
Descending triangle patterns are not bullish, however, there’s a chance SHIB could bounce off support around $0.000018 and continue above $0.000025.
Traders would be looking out for a breach of the 200-day EMA resistance at $0.00001981 to validate the uptrend. The RSI is already oversold supporting a near-term rebound. Despite the sluggish recovery, Shiba Inu has the potential to reach $0.00003 before July.
Pepe Coin Leads Meme Coins’ Recovery
Pepe is among the few coins that have sustained rallies in Q2 of the year to the extent of achieving a new all-time high milestone. The meme coin has gradually become a favorite of the whales, who buy in numbers creating upside momentum.
Despite the impressive recovery this week, Pepe has strayed from its ATH of $0.00001722 traded in May to $0.00001135. Support at $0.00001 holds firm, with traders eyeing a falling wedge pattern breakout.
The RSI shows potential as it bounces back in the neutral area aiming for the midline at 50. A breakout from the wedge pattern could call more traders to buy PEPE, thus accelerating recovery above two key levels—the resistance at $0.000014 and the record high of $0.00001722.
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