Recently, the cryptocurrency market has shown an active trend in the meme coin sector, with Dogecoin (DOGE) performing brilliantly under multiple driving factors. Speculative sentiment driven by the market's potential impact from related ETF products, combined with an increase in retail investor participation, has seen Dogecoin's price surge by over 6% within 24 hours, maintaining around $0.085 at the time of writing. From a technical perspective, the 50-day moving average on its daily chart is gradually approaching the 200-day moving average. If the price continues to stabilize, there is a possibility of forming a short-term golden cross pattern, which may further attract technical funds' attention.
At the same time, Shiba Inu Coin (SHIB) has also shown breakthrough momentum. Previously, its price oscillated for many days within a descending triangle pattern. With a moderate increase in trading volume, it recently successfully broke through the upper resistance level of this pattern at 0.0000118 USD, and is currently targeting the 200-period moving average (approximately 0.00001261 USD). Market analysis indicates that if this breakthrough can be accompanied by sustained trading volume, it may lay the foundation for a subsequent trend reversal.
Pepe Coin (PEPE) has also performed strongly, successfully achieving an effective breakthrough after oscillating around the key resistance level of 0.00001001 USD for several days. As of now, the price has slightly risen to 0.00001025 USD, with a short-term target pointing to 0.00001042 USD. Market participants believe that the breakthrough of this resistance level has released a positive signal, reflecting the accumulation of bullish sentiment.
From the derivatives market data, in the past 24 hours, the open interest of Dogecoin has increased by approximately 12%, while the open interest of SHIB and PEPE has also risen by 4% and 3% respectively. Moreover, the long-short ratios of all three remain above 1, indicating that traders in the market are generally bullish. In terms of technical indicators, the MACD indicators of Dogecoin, SHIB, and PEPE all show an expanding red histogram, and the RSI indicator has also rebounded from the oversold zone to a neutral to strong region. Multiple indicators resonate to support the continuation of the short-term upward trend.
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