Meme Coins Show Signs of Recovery
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are gaining strength. This rise follows increased trading activity in derivatives markets. The US Federal Reserve recently cut interest rates by 25 basis points, boosting market optimism. Technical indicators suggest these coins may start a new upward trend.
Derivatives Data Shows Growing Optimism
Meme coins are known for high risk and speculation. However, trader confidence is rising. Data from CoinGlass reveals Open Interest (OI) for DOGE, SHIB, and PEPE has grown by 3%, 5%, and 7%, respectively. Their OI values now stand at $5.55 billion for DOGE, $246 million for SHIB, and $784 million for PEPE. This increase points to a more positive market mood and hopes for short-term gains.
Price Updates and Technical Outlook
- Dogecoin: DOGE rose 4.67% recently and is holding above a key support line from early September. It may face resistance near $0.3146, with a potential gain of about 10%. The Relative Strength Index (RSI) is at 63, showing room to grow before becoming overbought. The MACD indicator signals renewed bullish momentum. If DOGE falls below $0.2647, it could drop further to $0.2517.
- Shiba Inu: SHIB is up nearly 0.5%, continuing a three-day rise. It bounced off the 200-period EMA and is testing a pivot level at $0.00001364. A strong move above this could push SHIB to $0.00001488. The RSI at 58 and a positive MACD suggest more upward movement. If SHIB reverses, it may retest support at $0.00001293.
- Pepe: PEPE gained over 1%, extending its bounce from the 200-period EMA. It passed the pivot point at $0.00001135 and aims for $0.00001266. The MACD and RSI at 63 show growing buying pressure. A drop below $0.00001135 could lead to a decline toward $0.00001067.
