🌪️ Meme Coin Madness — Can DOGE, SHIB & PEPE Lead the Charge?
Dogecoin rises over 6% in 24 hours ahead of a Golden Cross.
Shiba Inu breaks a triangular formation to start an uptrend.
Pepe cracks key barrier, targeting advances over $0.00001000.
On Monday, meme currencies like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) performed well.
Derivative traders are buying meme currencies in anticipation of a September 17 US Federal Reserve interest rate drop and the Rex-Osprey Dogecoin ETF. Double-digit volume increase supports DOGE, SHIB, and PEPE Open Interest (OI) of 12%, 4%, and 3%, respectively, according to CoinGlass.
Dogecoin rises amid ETF expectations
Dogecoin rose over 2% at press time on Monday, extending its over 6% gains from the day before. DOGE's rally, propelled by Rex-Osprey's Thursday announcement of a DOGE ETF, broke a consolidation area below $0.22597 on the 4-hour chart to assault $0.23498 resistance.
DOGE may reverse below $0.22597, invalidating the range breakthrough and dumping the meme currency to the 200-period EMA at $0.21914.
Shiba Inu seeks 200-EMA breakthrough
As meme coin prices rise, Shiba Inu breaks a 4-hour chart falling triangle. SHIB now holds above the 100-period EMA at $0.00001244, indicating a fresh rise.
When the meme coin crosses the supertrend indicator line around the 200-period EMA at $0.00001261, an uptrend will resume. A convincing closure above this level might extend the bullish trend to the R2 pivot level at $0.00001279 and R3 at $0.00001310.
SHIB falling below the centre pivot level at $0.00001230 might invalidate the triangle pattern breakout. If so, the meme coin might fall to the triangle's baseline at $0.00001200.
PEPE
Following Pepe's psychological recovery, the breakout surge targets the 200-period EMA at $0.00001042. Extended recovery might reach $0.00001112, R3 pivot level.
If PEPE falls below $0.00001000 psychological support, it might challenge the S1 pivot support level at $0.00000934, invalidating the breakout rally.
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