The cryptocurrency market has seen a strong recovery, led by Bitcoin breaching the $70,000 mark. This rise has spurred buying interest across various altcoins, particularly in the meme coin sector. Pepe Coin and Shiba Inu have both experienced a significant revival amid this bullish sentiment. A key on-chain metric is further fueling this rally as buying pressure continues to increase.

Interest from Whales in SHIB & PEPE

Recent data from IntoTheBlock shows a notable uptick in high-value transactions for Pepe Coin, with its transaction volume climbing from $41.4 million to $128 million. This surge indicates growing interest from large-scale investors or "whales", which could lead to increased volatility and further buying activity.

Similarly, there has been a substantial increase in whale transactions for Shiba Inu, with transaction values rising from $44.2 million to over $141.7 million. This trend suggests a rising demand among major investors, potentially stabilizing the SHIB price in the short-term.

Pepe Price Analysis

Pepe's price has recently surged, reaching a significant resistance level at $0.0000085. Following a bounce back from the 20-day Exponential Moving Average (EMA20) low, bullish sentiment has strengthened, helping the price surpass Fibonacci retracement levels. Currently, Pepe coin is valued at $0.000008, showing a slight decrease of nearly 2%.

The 20-day EMA trend is bullish at $0.0000079, and the Relative Strength Index (RSI) is above the neutral zone, indicating a potential shift towards bullish momentum. If buyers can maintain this momentum around the EMA20 level, there is a higher chance of breaking above $0.00001. This could push the PEPE/USDT pair towards $0.000014, with further gains extending to $0.000017.

On the contrary, a significant pullback may lead to bearish pressure and consolidate the price within the $0.0000074 to $0.000009 range. However, buyers are likely to defend against a decline from this level.

Shiba Inu Price Analysis

Shiba Inu's price has moved above its 20-day Exponential Moving Average (EMA) of $0.0000287, signifying bullish momentum. Despite this, it faces strong resistance at $0.00003, with the current price standing at $0.0000296, up by over 0.5% from the previous day.

If the price remains above the 20-day EMA, it could mark the end of the correction phase, potentially propelling the SHIB/USDT pair to reach $0.00003 and then the next significant resistance level at $0.000035.

Alternatively, if the price fails to stay above the EMA20 and drops below the 50-day Simple Moving Average (SMA), it may indicate a larger retracement to $0.000025 and then $0.000023 levels.