Meme Coins Face Selling Pressure Amid Crypto Market Decline
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are losing value. The wider cryptocurrency market is under selling pressure. Dogecoin may fall further within a symmetrical triangle pattern. Shiba Inu and Pepe are nearing key support levels.
Retail Interest Varies Among Meme Coins
The overall crypto market mood affects meme coin demand. This shows their speculative nature. Retail interest in Dogecoin and Shiba Inu remains steady. Pepe is struggling to keep up.
- DOGE Futures Open Interest (OI) rose 2% to $4.43 billion in 24 hours.
- SHIB Futures OI also increased 2% to $193.05 million.
- PEPE Futures OI dropped 5.91% to $558.66 million.
Higher Futures OI means traders are taking more long positions. Lower OI for Pepe suggests traders are closing longs.
Technical Outlook for Dogecoin, Shiba Inu, and Pepe
Dogecoin Risks Falling Below Key Support
Dogecoin is down over 2% and may break below the 200-period Exponential Moving Average (EMA) at $0.24593 on the 4-hour chart. If it falls further, support levels are at $0.23800 and $0.23098.
Technical indicators show bearish signs. The Relative Strength Index (RSI) is 43 and falling. The MACD has crossed below zero, signaling more downward momentum. A bounce from the 200 EMA could test resistance at $0.26600.
Shiba Inu Holds Crucial Support Level
Shiba Inu is near the $0.00001202 support on the 4-hour chart. It struggles to stay above the 200 EMA at $0.00001250. The 50-, 100-, and 200-period EMAs are trending down, showing a downtrend.
If Shiba Inu drops below $0.00001202, it may fall to $0.00001148. The RSI at 41 shows rising selling pressure but also hints at a possible bounce. The MACD remains bearish.
A move above the 200 EMA could target the $0.00001316 resistance level.
Pepe Loses Bullish Momentum
Pepe failed to hold above the 50-day EMA at $0.00001019. It is approaching support at $0.00000887, the June 22 closing price.
The 50-, 100-, and 200-day EMAs are close together and act as resistance. A declining trendline near $0.00001175 also limits gains.
Momentum indicators show weakening bullish strength. The RSI is 42 and falling toward oversold levels. The MACD suggests a possible bearish reversal.
If Pepe breaks below $0.00000887, it could drop to $0.00000758, the May 6 low.
