Meme Coins Show Strong Recovery
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are gaining momentum. Dogecoin is recovering ahead of the DOJE Exchange-Traded Fund (ETF) launch on Thursday. This event has boosted investor confidence in meme coins. As a result, Shiba Inu and Pepe are also seeing price gains. Technical indicators suggest more upside potential as momentum builds.
Derivatives Traders Increase Interest in Meme Coins
Data from CoinGlass shows a rise in Open Interest (OI) for Dogecoin, Shiba Inu, and Pepe. Dogecoin’s OI rose to $4.33 billion from $3.31 billion since Sunday. Shiba Inu’s OI increased to $209.45 million from $173.75 million. Pepe’s OI jumped to $659.74 million from $545.77 million. This rise reflects growing risk appetite among investors, driven by the upcoming Dogecoin ETF by Rex Osprey.
Price Trends and Technical Outlook
- Dogecoin: DOGE is trading above $0.25, aiming to break the $0.25574 resistance from August 14. If it succeeds, the next target is $0.28659. The Relative Strength Index (RSI) is at 63, showing strong buying pressure. The MACD indicator also signals bullish momentum. If DOGE fails at resistance, it may drop to $0.21930 support.
- Shiba Inu: SHIB is above its 100-day EMA at $0.00001297 and targets the 200-day EMA at $0.00001384. The RSI is 56, indicating growing buying interest. The MACD suggests a bullish trend. A drop below the 50-day EMA at $0.00001276 could push SHIB down to $0.00001166 support.
- Pepe: PEPE reclaimed the $0.00001000 level but faces resistance at the 50-day EMA of $0.00001062. Clearing the 200-day EMA at $0.00001098 could push PEPE to $0.00001266. The RSI at 53 and MACD show positive momentum. A failure at the 50-day EMA might lead to a retest of $0.00000900 support.
