đ $DOGE , $SHIB & $PEPE on Thin Ice â Bullish Momentum Fading, Key Support Tested
Dogecoin rises over 1% after Monday's 6% decline.
Shiba Inu rises from 50-day EMA as bullish impetus fades.
After losing over 7% on Monday, Pepe finds support at the 50-day EMA.
As the cryptocurrency market falls, meme currencies like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are under pressure.
Dogecoin risk rises as bullish momentum waned. DOGE rose by over 1% on Tuesday, indicating a little rebound after Monday's 6% plunge.
If DOGE falls below $0.22, it might hit the 200-day EMA at $0.2075, ending the uptrend.
Coinglass data shows DOGE Open Interest (OI) decreasing to $3.96 billion from $5.35 billion last week. A drop in OI indicates capital outflows and traders' disinterest.
Conversely, Dogecoin's intraday candle's lower shadow suggests a comeback run to $0.2597.
SHIB hopes to recover at a key support level.
Shiba Inu is up 1% after falling 5.65% on Monday as it retains support at the 50-day EMA. Meme coin fails to break $0.00001337, last tested Friday.
A clear break below this level might take the slide below $0.00001221, breached on July 9.
The SHIB OI dropped to $212.48 million from $328.36 million last week, suggesting traders' disinterest in the second-largest meme currency.
To target the $0.00001567 resistance level last reached on July 22, Shiba Inu must recapture the 200-day EMA at $0.00001449 to sustain an uptrend.
PEPE struggles at 50-day EMA, threatening losses.
After falling approximately 7% on Monday, PEPE meme currency rests at the 50-day EMA and $0.00001196. The uptrending 100-day and 200-day EMAs at $0.00001132 and $0.00001122 provide supplementary protection.
SHIB might fall below $0.00001037,
PEPE OI, like other meme currencies, fell from $1.02 billion last week to $698.98 million on Tuesday. Over $300 million was lost in PEPE futures as traders waited for a trend.
A PEPE reversal might target overhead resistance at $0.00001362, then the psychological threshold of $0.00001500.
