PEPE Stuck in a Narrow Price Range While SHIB and BONE Surge

• PEPE has been left in the dust after the latest Shibarium announcement.
• Over the past seven days alone, PEPE’s price dropped by more than 11% while the prices of SHIB and BONE surged.
• PEPE’s price was resting on the lower level of a consolidation zone at $0.0000012900 at press time.

Pepe coin (PEPE) has found itself trapped within a narrow price range, fluctuating between $0.00000138 and $0.00000129. Additionally, momentum indicators suggest a prolonged downward trend for PEPE.

Among the popular meme-inspired cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and Bone ShibaSwap (BONE), PEPE was the poorest performer. This is a concern, especially when considering the remarkable surge it experienced after its launch, as it now appears to be losing its momentum.

SHIB and BONE started trumping PEPE after a member of the Shiba Inu team announced on Twitter that the Shibarium Beta Bridge had gone live for public testing on July 26, 2023. This announcement had a significant positive effect on the price of both SHIB and BONE, leaving PEPE in the dust of their success.

This is reflected in the weekly performances of both these meme coins. According to CoinMarketCap, BONE’s price was up by more than 10% over the past seven days of trading. The announcement also succeeded in pushing SHIB’s performance over the past week up to +7.15%.

Meanwhile, PEPE’s underperformance was highlighted in its daily and weekly performances. At press time, the meme coin was worth about $0.000001295 after its price fell by more than 2% over the past 24 hours alone. Furthermore, PEPE’s weekly performance was down by more than 11%.

PEPE’s price was resting on the lower level of the aforementioned consolidation zone at $0.0000012900 at press time. Should it break below this level, it could fall to as low as $0.0000010700 in the following week.

On the other hand, bulls purchasing PEPE at its current level could see it flip the resistance at $0.0000013800 into support in the next 24-48 hours. Continued buy pressure could elevate the meme coin’s price to as high as $0.0000015589 as well. The bearish thesis may be validated, however, as sellers still had the upper hand at press time.

The 9-day EMA line was positioned below the 20-day EMA line. This suggested that the short-term momentum for PEPE remained bearish, and the altcoin’s price may drop in the upcoming couple of days.

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