Memecoins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) Show Potential for Notable Movements

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain dominant players in the memecoin sector, with a total market cap of $43.6 billion

Memecoins, led by Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe (CRYPTO: PEPE), have seen a total market capitalization of $43.6 billion and 24-hour trading volume of $3.07 billion.

As the new week begins, these three memecoins are showing potential for big moves based on recent price action and key technical indicators.

Here's what you need to know:

1. Dogecoin (DOGE) eyes potential reversal amid downtrend pressure: After a sharp downturn on Aug. 5, Dogecoin (DOGE) has shown resilience, with its price rebounding within a falling wedge pattern — a formation usually considered bullish. This recovery brought DOGE back above the critical $0.10 level, indicating renewed buying interest.

On Aug. 12, DOGE traded around $0.1059, challenging the upper boundary of the wedge, which also 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 towards the next resistance level near $0.1288.

The RSI at 44.39 also suggests potential for further gains. However, the market remains cautious despite the recent uptrend. According to IntoTheBlock, 68% of DOGE wallets are still in the money, but the asset may need a strong catalyst to sustain its momentum.

Highlighting the importance of a weekly close above $0.11 to confirm a bullish trend, crypto analyst Cryptorphic is closely watching DOGE's breakout attempt from the falling wedge pattern.

2. Shiba Inu (SHIB) battles key resistance as bearish pressure persists: Shiba Inu (SHIB) continues to trade within a descending triangle pattern, reflecting a prolonged downtrend. At $0.00001396, the SHIB/USD pair 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 potential for further decline if this level fails to hold.

Moreover, 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.

3. Pepe (PEPE) faces bearish sentiment despite consolidation : Pepe (PEPE) is trading at $0.00008362, showing 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.

Highlighting his bullishness for PEPE after the Ethereum ETF meeting next month, crypto analyst Max, who bought the memecoin during the bear market when its market cap was below $500 million, is targeting $50 billion for this cycle in his notes on Aug. 11.

At the time of writing,CRYPTO: BTC trades around $25,137 (-0.1%),CRYPTO: ETH at $2,022 (flat), and DOGE at $0.106 (1.1% up).

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