Meme coins remained under pressure this month as market participants watched the ongoing trade war between the US and China. Bitcoin price was trading at $84,000 on Monday, while the market cap of all coins remained at $2.7 trillion. This article looks at three key crypto tokens: Shiba Inu (SHIB), Pepe coin (PEPE), and Ripple (XRP).
Shiba Inu price prediction
SHIB price has been in a strong bearish trend in the past few months as the crypto market imploded. It dropped from a high of $0.00003337b in December last year to the current $0.00001232.
The daily chart shows that the SHIB price bottomed at $0.00001072, a crucial level since it was also its lowest swing in August last year. That is a sign that the token has formed a giant double-bottom pattern, a popular bullish reversal sign whose neckline is at $0.00003335, up by 170% from the current level.
Shiba Inu price has also formed a small double-bottom pattern, its lowest swing on March 11 and April 9. The neckline of this pattern is at $0.00001560. Therefore, there is a likelihood that the token will bounce back in the next few days, with the next point to watch being at $0.00001560, up by over 26% from the current level.
A break above the double-top’s neckline at $0.00001560 will point to further gains, potentially to the 61.8% retracement point at $0.00001943, up by over 60% from the current level. The bullish view will be invalidated if the price drops below the key support at $0.00001072 will invalidate the bullish outlook.
Read more: Shiba Inu price prediction: mapping out potential SHIB scenarios
Pepe coin price analysis
The daily chart reveals that the value of Pepe has crashed in the past few months, moving from a high of $0.00002835 in December to the current $0.00000745. It bottomed at the key support at $0.000005853, its lowest point in August last year, March 11, and April 7. That is a sign that the coin has formed a triple-bottom pattern, a popular bullish sign in the market.
Pepe coin prices have also formed an inverted head-and-shoulders pattern, a popular bullish signal in the market. An inverse H&S pattern is made up of a head, two shoulders, and a slanted neckline.
Pepe price is attempting to move above the neckline and the 50-day moving average. Therefore,a break above the neckline and will point to more gains, with the next point to watch being at $0.00001075, the 23.6% retracement point, which is about 45% above the current level.
XRP price technical analysis
XRP token price has bounced back in the past few days, moving from a low of $1.6115 to a high of $2.1325. It has moved slightly above the key resistance point at $1.9687, the neckline of the head and shoulders pattern.
XRP has found substantial resistance at the 50-day moving average. It needs to move above that level to validate the ongoing rebound. Most importantly, Ripple must surge above the shoulders section at $3.4 to invalidate the bearish outlook of the head and shoulders pattern.
Therefore, there is a likelihood that the XRP price will retreat in the coming days and potentially retest the support at $1.9687. A drop below that level will point to more downside, with the next point to watch being at $1.6115.
Read more: XRP price prediction: the next Ripple target after losing key support
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