Dogecoin stabilized after a 2% drop on Thursday within the consolidation range.
Shiba Inu is maintaining its strength at a local support line, aiming to challenge a long-standing resistance line.
Pepe is struggling to regain the psychological level of 0.00000500, consolidating within a sideways range.
Meme coins, including Dogecoin ($DOGE ) and Shiba Inu ($SHIB ) and Pepe ($PEPE ), are struggling to regain strength as the broader cryptocurrency market recovers. Derivatives data reveals new retail demand as open interest in DOGE, SHIB, and PEPE contracts has risen. However, Dogecoin and Pepe remain stuck in a consolidation range while Shiba Inu struggles to break a long-standing resistance line.
Renewed retail interest in major meme coins
CoinGlass data show that the open interest in DOGE, SHIB, and PEPE contracts - the nominal value of both long and short positions - has increased by 4%, 8%, and 3% to reach $1.48 billion, $84.82 million, and $253.52 million, respectively. This indicates growing retail interest in meme coins.
Dogecoin recorded $2.56 million in long position liquidations in the last 24 hours, surpassing $661,510 in short position liquidations, indicating a bearish bias. However, the short position liquidations in SHIB and PEPE during the same period outpaced long position liquidations, indicating a bullish bias.
Meme coin derivatives data. Source: CoinGlass.
Dogecoin faces the risk of breaking out of the consolidation range
Dogecoin trades near $0.1400 at the time of writing this report on Friday, stable after a 2% drop the previous day. The meme coin trades within a consolidation range, extending from the November 21 low of $0.1332 to the November 26 high of $0.1568.
A decisive close above $0.1568 will confirm the bullish breakout, potentially extending the rise to the $0.1810 area.
The Relative Strength Index (RSI) on the daily chart is at 41, steadily rising towards the midpoint, indicating a decrease in selling pressure. Similarly, the Moving Average Convergence Divergence (MACD) is rising towards the zero line, indicating a fundamental increase in bullish momentum.
The daily chart for the price of DOGE/USDT.
If DOGE slips below $0.1332, it may face the risk of a larger correction to the psychological support level of $0.1000.
Shiba Inu rebounds from a local support line, enhancing breakout chances
Shiba Inu is down about 1% at the time of writing this report on Friday, marking its third consecutive day in the red. However, the rebound from $0.00000817 (Thursday's low) at the support line connecting the November 21 and December 1 lows suggests underlying demand for SHIB.
If SHIB slips below $0.00000817, it will invalidate the support line, potentially extending the decline to the November 21 low of $0.00000755.
The Relative Strength Index (RSI) on the daily chart is at 46, extending in a sideways movement, indicating a lack of momentum at neutral levels. At the same time, the MACD and signal line struggle to extend the bullish trend towards the zero line amid declining bullish momentum.
The daily logarithmic chart for SHIB/USDT.
To reaffirm the bullish trend, SHIB must break above the upper trend line connecting the highs of September 13 and October 6 at $0.00000900. A potential breakout could push prices to the psychological level of $0.00001000.
Bearish cycle for Baby within a range that may test critical support
Baby is stable within a consolidation range, extending from the November 4 and November 21 lows of $0.00000521 and $0.00000395, respectively. The meme coin is in a bearish cycle, exposing it to the risk of returning to the level of $0.00000395.
Similar to SHIB, the Relative Strength Index is at 45 in neutral territory while the MACD and signal line approach the positive area.
The daily chart for the price of PEPE/USDT.
Looking upwards, a potential rebound in PEPE above $0.00000521, confirming a bullish breakout from the range, may test the supply area at $0.00000650.