Recently, as the broader market recovered and turned bullish, the Shiba Inu saw an impressive rally due to huge demand after breaking a long-term downtrend.
This has also induced demand for other meme coins like PEPE and the new altcoin. Cutoshi. Can these altcoins maintain the bullish sentiment to replicate SHIB’s massive returns?
Shiba Inu (SHIB): an uptrend appears on the chart
Following its recent breakthrough, Shiba Inu surged over 50% to reach the $0.00003044 price level in a matter of days. Despite a massive rise, Shiba Inu was heavily rejected from this level and fell quickly to take support at $0.00002259. Since then, price developments have been slow and consolidated.
Due to the drop in demand, Shiba Inu has been trading in a tight range between $0.00002300 and $0.0002621 for the past two weeks. Demand has declined further, with a 19% drop in trading volume over the past 24 hours and Shiba Inu currently trading at $0.00002428 after a massive 6% intraday drop.
However, the slow price action could be a minor setback for Shiba Inu since a bullish cup and handle pattern formed from May 29, 2024. Thus, Shiba Inu has the potential to break the immediate resistance and continue its upward trend with increased momentum. .
Will the Pepe rally (PEPE) resume?
Recently, PEPE emerged from the month-long lateral price congestion and saw a massive rally. As a result, PEPE gained over 200% in two weeks, surpassed its previous ATH (all-time high) of $0.00001728 and reached a new ATH of $0.00002524 on November 14, 2024.
However, PEPE has declined significantly over the past two weeks and currently the price is over 26% below the new ATH. PEPE is trading at $0.00001825 at press time after facing a whopping 11% drop in the last 24 hours. The mass gathering of the PEPE, followed by a steady decline, gave rise to a flag and pole motif.
Due to the price correction, PEPE moved out of the overbought zone and the RSI fell to 56. The MACD indicator shows increasing bearish momentum as the oscillator line moves below the line signal. Additionally, the 20-day simple moving average has caught up with the price and PEPE is expected to rebound from this SMA line.
Cutoshi (CUTO): Hybrid altcoin based on Ethereum
Cutoshi is a hybrid token on the Ethereum ERC-20 network that challenges traditional community-run coins like Shiba Inu and PEPE with its DeFi convenience. It merged the fun of a coin community with the practical, real-world use cases of a utility token.
Its meme coin facet is based on the Chinese and Japanese tradition of the lucky cat, which has special powers. According to tradition, those who keep the lucky cat in their home will receive good luck and prosperity. So, Cutoshi spreads luck and wealth to your digital assets by bringing the lucky cat to the blockchain.
Cutoshi’s DeFi half comes from his dedication to the ideals of Satoshi Nakamoto. It aims to bring decentralized finance to the masses and promote a decentralized economy like Bitcoin. Thus, Cutoshi uses the power of the meme community to spread its vision and achieve its mission using its democratized platform.
At the heart of its ecosystem is the Cutoshi DEX, a multi-chain decentralized exchange through which community members can trade their digital assets with others on blockchains. Since it is decentralized, there are no third parties, so users benefit from peer-to-peer exchange with unmatched speeds at the lowest fees.
Additionally, Cutoshi just announced a competition. This is a meme competition where you can win up to $2,000 in rewards that Cutoshi is offering to the best memes. The contest is live on Hurry, the competition ends on December 4, 2024.
The native token CUTO is in the third presale stage, valued at $0.0256. CUTO has completed more than 80% of the third pre-sale stage and is about to advance to the next round, where its value will increase again, as in previous rounds.
For more information on the Cutoshi (CUTO) presale:
Join and become a member of the community:
https://twitter.com/CutoshiToken
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