NAIROBI (CoinChapter.com) — Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain dominant players in the memecoin sector, with a total market cap of $43.6 billion and a 24-hour trading volume of $3.07 billion.
As the week begins, these three memecoins are showing potential for notable movements based on recent price action and key technical indicators.
Dogecoin (DOGE) Eyes Potential Reversal Amid Downtrend Pressure
Dogecoin (DOGE) has demonstrated resilience following the sharp downturn on Aug. 5, with its price rebounding within a falling wedge pattern—a formation typically seen as a bullish signal. This recovery has brought DOGE back above the crucial $0.10 level, reflecting renewed buying interest.
On Aug. 12, DOGE traded around $0.1059, challenging the upper boundary of the wedge, which aligns closely with the 50-day EMA at $0.1197. A breakout above this confluence of resistance could initiate a fresh bullish wave, potentially driving the DOGE USD pair toward the next resistance level near $0.1288.
The RSI at 44.39 indicates the potential for further gains. Despite the recent uptrend, the market remains cautious. According to IntoTheBlock, 68% of DOGE wallets are still in profit, but the asset may need a strong catalyst to sustain its momentum.
Crypto analyst Cryptorphic highlights the importance of a weekly close above $0.11 to confirm a bullish trend. DOGE’s ability to break out of the current pattern will be crucial for its short-term direction.
Shiba Inu (SHIB) Battles Key Resistance as Bearish Pressure Persists
Shiba Inu (SHIB) continues to contend with a prolonged downtrend within a descending triangle pattern. Trading at $0.00001396, the SHIB USD pair has gained 4.26% over the past 24 hours. The token is currently testing the upper boundary of the triangle, which aligns with the 61.8% Fibonacci retracement level at $0.00001460.
A breakout above this level could lead to a rally towards $0.00001902, a key resistance point.
However, the RSI at 40.16 suggests that SHIB remains in bearish territory. Failure to break above the resistance could result in a pullback to the lower boundary of the triangle at $0.00001351, with a potential for further decline if this level fails to hold.
Additionally, the futures open interest for SHIB has dropped to $23.48 million as of Aug. 12, signaling waning speculative interest and contributing to the cautious market sentiment.
SHIB’s immediate future will largely depend on its ability to break free from the current pattern, either confirming a bullish reversal or continuing its downward trajectory.
Pepe (PEPE) Faces Bearish Sentiment Despite Consolidation
Pepe (PEPE) is trading at $0.00008362, with an 8.27% gain in the last 24 hours. The coin is consolidating after a decline from its May highs, staying near recent lows. The RSI at 42.09 signals bearish sentiment but is not yet in oversold territory.
Additionally, the MACD suggests that the bearish trend may persist as the MACD line continues to trail below the signal line. PEPE is holding above key support at $0.0000085, and a move above $0.0000088 could trigger a short-term rally toward $0.00001. However, if the support fails, PEPE may revisit lower levels, possibly targeting $0.000005.
However, with an RSI of 40.58, SHIB remains in bearish territory, which suggests the downtrend could continue if the breakout fails. A failure to clear the resistance may result in a pullback to the triangle’s lower boundary near $0.0000135.
Max, a crypto analyst, predicts an acceleration in PEPE’s price after the Ethereum ETF meeting next month. He bought PEPE during the bear market when its market cap was below $500 million and maintains a target of $50 billion for this cycle.
