Meme Coins Gain Strength as Crypto Market Turns Bullish
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are showing renewed interest. The broader cryptocurrency market started the week with positive momentum. This rise follows increased retail interest in these meme coins, supporting their short-term price recovery.
Investor Risk Appetite Returns with Meme Coins
Meme coins often attract more investors during market recoveries. Data from CoinGlass shows futures Open Interest (OI) for these coins rose in the past 24 hours:
- DOGE increased by 4% to $1.53 billion
- SHIB rose 2% to $72.99 million
- PEPE grew 3% to $200.53 million
This rise means investors are willing to take more risks with these coins.
Dogecoin, Shiba Inu, and Pepe Show Technical Signals
Dogecoin: DOGE climbed above $0.1800, gaining nearly 2% on Monday. It faces resistance at the 100-period EMA near $0.18154 on the 4-hour chart. If DOGE passes this level, the next targets are the 200-period EMA at $0.19386 and a trendline near $0.20000. The Relative Strength Index (RSI) is rising toward the overbought zone at 61. The MACD indicator shows upward momentum. However, if DOGE falls below the 50-period EMA at $0.17563, it may drop to $0.16886 support.
Shiba Inu: SHIB rose 1%, approaching a key resistance trendline and the 200-period EMA at $0.00001029 on the 4-hour chart. A close above this EMA could confirm a breakout. The RSI stands at 59, slightly above neutral, while the MACD risks crossing below its signal line. A reversal could push SHIB down to the 50-period EMA around $0.00000971.
Pepe: PEPE gained nearly 2%, trading between $0.00000583 and $0.00000629. A move above $0.00000629 could lead PEPE to test resistance at $0.00000685. The RSI is at 56, above mid-level, but the MACD may cross below the signal line, hinting at weaker momentum. If PEPE falls below $0.00000583, it could decline further toward $0.00000525 support.
