Meme Coins Face Selling Pressure After November Gains
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are now under pressure. They lost the gains made on November 7 and fell back to key support levels. The falling demand in the derivatives market shows traders are cautious and expect more losses.
Decline in Futures Interest and Rising Trading Volume
- Dogecoin’s futures Open Interest (OI) dropped by 1% to $1.63 billion in the last 24 hours.
- Shiba Inu’s futures OI fell about 2%, now at $80.84 million.
- Pepe’s active futures contracts value dropped nearly 10%, down to $176.78 million.
- Trading volumes for DOGE, SHIB, and PEPE increased by around 20%, indicating a sell-off.
Price Drop and Technical Signals for Dogecoin, Shiba Inu, and Pepe
Dogecoin Eyes Key Support at $0.15159
Dogecoin trades above $0.15 but may break the $0.15159 support from November 4. If it closes below this, DOGE could fall to $0.12986, the April low. The daily RSI at 34 and MACD signals show bearish momentum. However, a strong bounce above $0.18 could restart an uptrend.
Shiba Inu Tests Support Level at $0.00000837
Shiba Inu fell below $0.00000900 but recovered slightly above $0.00000837, the November 4 low. A drop below this could lead to a decline toward $0.00000678, the October 10 low. The RSI at 36 and MACD trend remain negative. If SHIB rebounds, it may reach resistance near $0.00000956.
Pepe Faces Risk of a 40% Decline
Pepe dropped 20% last week and currently trades below $0.00000500. The coin risks falling to $0.00000279, the October 10 low, which is a 40% downside from here. Key supports around $0.00000400 and $0.00000300 could slow the fall. The RSI and MACD also show bearish signs. To reverse the trend, PEPE must rise above the $0.00000650 zone.
