Shiba Inu Drops Through Critical Support Level, While PepeCoin Rejected at Long-Term Resistance

SHIB Slips Below Key Support, PEPE Fails to Clear 200-Day Average in Memecoin Reset

The memecoin market took a hit Tuesday as both Shiba Inu (SHIB) and PepeCoin (PEPE) lost steam at critical technical levels, hinting at fading bullish momentum in the short term.

Shiba Inu Breaches Support Despite Burn Spike

SHIB dipped below its high-volume support at $0.00001310, falling as low as $0.00001297 after failing to hold early gains. This breakdown snaps a series of higher lows that had formed since the May 31 rebound, weakening the bullish structure.

A sharp 140% increase in token burns—totaling 39.49 million SHIB overnight—wasn’t enough to offset bearish price action. Open interest in SHIB futures rose 2.03% to 11.36 trillion SHIB, with Gate.io holding a dominant 54.18% share.

Technical highlights:

Price peaked near $0.00001336 before reversing into a descending channel.
Heavy volume near 01:00 UTC and again at 08:02 UTC suggested buy attempts, but upside failed to hold.
Repeated rejections around $0.00001320 capped any breakout attempts.

PEPE Pulls Back From 200-Day SMA After Brief Push Higher

Meanwhile, PEPE’s attempt to reclaim bullish footing was short-lived as the token faced a firm rejection at its 200-day simple moving average. The market cap slid to $5.2 billion, leaving the rally effort incomplete.

Still, a bullish crossover between the 50- and 100-day SMAs provides longer-term optimism. If support holds near $4.6B–$4.7B, PEPE could still reattempt a breakout in the sessions ahead.

Conclusion:
With SHIB losing structural support and PEPE struggling at a key trendline, traders may exercise caution in the memecoin space until stronger confirmation emerges. Short-term pullbacks could offer entries—but only if volume returns with conviction.