Meme Coins PEPE and SHIB Show Breakout Potential with 20% and 16% Gains

Cryptocurrency markets are experiencing a resurgence in volatility, with particular attention focused on two meme coins, PEPE and SHIB, which are showing signs of a potential breakout. PEPE, a project that integrates advanced AI with meme market psychology, has already demonstrated significant breakout potential. The project's implementation of a supply burn and its launch on Uniswap are expected to further drive its value. Meanwhile, SHIB, another popular meme coin, is on the brink of a 20% jump if trading volume increases and buyers defend its breakout structure, marking its cleanest technical run in months.

PEPE's recent price action has been characterized by volatility, with the coin facing the risk of a major drop. However, HYPE, another meme coin, is nearing a breakout, which could influence the broader market. The supply burn by Codename:Pepe is a strategic move aimed at tightening the supply and signaling the project's intentions, potentially driving the value of PEPE higher, especially if market interest in meme coins continues to grow.

SHIB's potential for a breakout is supported by on-chain data, which reveals that 518.2 trillion SHIB were previously bought in the range of $0.000014 to $0.000019. This indicates that many holders are awaiting a price increase to this range to break even, which could lead to profit-taking and short-term volatility. For SHIB to successfully break past this barrier, considerable buying pressure may be required. A clear breakout above $0.00001387 could pave the way for a wider rise, potentially reaching the $0.000014 to $0.000019 range. However, rejection at this level could result in a return toward lower support zones.

The recent upward momentum of SHIB has been driven by increased risk-taking in the cryptocurrency market. The coin has risen 16% this month, its strongest performance since November. A potential double bottom pattern is forming, indicating a bullish trend reversal if SHIB breaches the May high resistance level of $0.00001764. This could further support the potential for a breakout in SHIB.

PEPE's price is currently fluctuating between $0.0000092 and $0.0000108, with a 25% increase in just a week. If this upward trend continues, PEPE could reach its nearest resistance at $0.0000116, a 20% increase from its lower price. Beyond that, the target is $0.0000132, nearly a 40% rise. However, with an RSI around 43, the market isn't in overbought territory yet, indicating potential for further growth. Any downturn will seek support near $0.0000084, a 10% dip, or even $0.0000068, nearly a 25% drop. PEPE could continue its upward trajectory if the current trend holds steady.

Shiba Inu (SHIB) is on an upward trend, with its price currently swinging between $0.00001122 and $0.00001228. The coin has shown a promising gain of over 14% this past week. If the momentum holds, SHIB could break through its resistance at $0.00001274, heading toward the next level at $0.00001380. Such growth indicates the potential for an additional rise of around 12% from the highest point of its current range. Still, the market is quite dynamic, and SHIB's overall six-month decline shows there are still challenges ahead. If SHIB slips, it might find support near $0.00001062 or, more concerning, at $0.00000956.

PEPE and SHIB exhibit strong patterns hinting at potential growth. Buyers and sellers keep a close eye on their movements. Increased interest and activity might soon push their prices higher. Holders of these coins may experience new highs if momentum keeps building. It is essential to stay updated with market trends and factors influencing these coins.