Meme Coins Show Signs of Recovery After Market Drop
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) bounced back after a big market drop on October 10. The overall market lost $19 billion that day. Technical signals show less selling pressure. The Relative Strength Index (RSI) for these coins suggests they could start rising again. This may lead to a delayed “Uptober” rally in meme coins.
Mixed Retail Interest in Meme Coins
Dogecoin is gaining more attention from investors. Its Open Interest (OI) rose by over 8% in the last 24 hours, reaching $1.81 billion, according to CoinGlass. However, Shiba Inu and Pepe saw their OI drop by nearly 1% and 2%, with values of $77.04 million and $228.95 million, respectively.
Dogecoin’s rising OI shows investors are willing to take risks. Shiba Inu and Pepe have less trader confidence. Still, the total market value of meme coins rose to $55.54 billion from $51.02 billion last Friday. This recovery may help top meme coins rally soon.
Dogecoin Nears Key Price Levels
Dogecoin is steady above $0.19 after gaining 5% over two days. It is close to the $0.20 psychological level. The coin bounced off support at $0.18527 set on October 11.
If Dogecoin climbs above the 200-day Exponential Moving Average (EMA) at $0.22021, it could reach the next target at $0.24818. This move may prevent a “Death Cross” pattern between the 50-day and 200-day EMAs.
The Moving Average Convergence Divergence (MACD) is nearing its signal line, showing a possible end to the downtrend. If MACD crosses above the signal line, it could confirm a new bullish trend. The RSI rose from 32 to 40 since October 11, indicating growing strength.
If Dogecoin falls below $0.18527, it may drop further to $0.14610.
Shiba Inu and Pepe Show Recovery Signs
Shiba Inu trades above the $0.00001000 level after three days of gains. It bounced from support at $0.00000974 on October 11, similar to Dogecoin’s move. SHIB could next target $0.00001059 and then $0.00001271.
Technical indicators show less selling pressure. The MACD is close to a bullish crossover. The RSI rose from oversold levels to 38, signaling strength. If SHIB falls below $0.00000974, it could test $0.00000935.
Pepe is up 2% and recovering from support at $0.00000645. It aims for resistance at $0.00000788. A break above this could push PEPE to $0.00000887.
Pepe’s RSI is at 37 and rising. The MACD is near a bullish crossover. If Pepe drops below $0.00000645, it may fall to $0.00000500.
