Rising Interest in Meme Coins
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are seeing renewed interest. Derivatives data show more retail traders are entering the market. This comes amid hopes for a crypto market rally in October.
According to CoinGlass, futures traders have increased their positions in meme coins. Dogecoin’s Open Interest (OI) rose by 4% to $4.61 billion. Pepe’s OI also grew 4%, reaching $639.50 million. Shiba Inu’s OI stayed steady at $202.55 million.
Dogecoin Faces Consolidation After Rally
Dogecoin’s price dropped 2% on Friday after two days of gains. It fell from a high of $0.26418, showing weaker buying pressure. Technical indicators on the 4-hour chart confirm this slowdown.
- The Relative Strength Index (RSI) dropped from overbought levels to 65.
- The Moving Average Convergence Divergence (MACD) is close to a bearish crossover.
If Dogecoin falls below the $0.25 mark, it could drop to the 100-period Exponential Moving Average (EMA) at $0.24423. However, a Golden Cross pattern is forming, which suggests a short-term recovery.
On the upside, breaking above $0.26418 could push Dogecoin toward Thursday’s high of $0.28879.
Shiba Inu and Pepe Show Mixed Signals
Shiba Inu shows a slight bearish reversal near the $0.00001277 resistance level. It remains above the 100-period EMA on the 4-hour chart. The 50-period and 200-period EMAs still show bearish trends.
- The RSI is steady at 58, indicating stable buying pressure.
- The MACD and signal line are close to a crossover, hinting at possible selling pressure.
- Support levels are at the 50-period EMA of $0.00001219 and $0.00001209.
If Shiba Inu breaks above $0.00001277, it could rise to $0.00001358.
Pepe’s price pulled back over 2% after hitting resistance at the 50-day EMA of $0.00001032. This raises the chance of testing strong support at $0.00000887.
- The MACD shows growing bullish momentum and may cross over soon.
- The RSI rose to neutral levels at 48 from oversold.
If Pepe breaks above the 50-day EMA, it could test the 200-day EMA at $0.00001083. The next resistance is the trendline near $0.00001200, formed by peaks in May and September.
