According to Gate, the popular meme coins DOGE, Shiba Inu (SHIB), and PEPE continued their upward trend on Tuesday (June 24) after a significant rebound the previous day. The announcement of a ceasefire between Iran and Israel on Monday fueled this rebound. Derivation data also shows that with the increase in bullish bets, the financing rates for DOGE, SHIB, and PEPE have turned positive.
U.S. President Donald Trump announced a "comprehensive" ceasefire between Israel and Iran on Monday evening, pausing a war that has lasted for 12 days. This announcement triggered a significant rebound in the cryptocurrency market, with popular meme coins like DOGE, SHIB, and PEPE rising more than 8%, 9%, and 11% respectively on that day. On Tuesday, these meme coins continued their upward trend.
The open interest weighted funding rates for DOGE, SHIB, and PEPE from CoinGlass show that the number of traders betting on further declines in these meme coins is lower than the number of traders expecting price increases. Typically, a positive interest rate (longs paying shorts) indicates bullish sentiment, while a negative interest rate (shorts paying longs) indicates bearish sentiment.
By market capitalization, the indicators for these top meme coins turned positive on Tuesday, with DOGE at 0.0003%, SHIB at 0.0076%, and PEPE at 0.0044%, indicating a bullish outlook for these three meme coins.
According to Coinglass data, on Tuesday the long-short ratio for SHIB and PEPE meme coins were 1.18 and 1.08 respectively, reaching the highest levels in over a month. However, the long-short ratio for DOGE was 1.01, steadily rising since Saturday, but still far below the peak on June 5.
Generally speaking, a ratio above 1 reflects bullish market sentiment, as more and more traders are betting that the price of meme coins will rise.
The technical prospects of DOGE, SHIB, and PEPE show a V-shaped rebound
FXStreet analyst Manish Chhetri stated that the DOGE price rebounded significantly at the beginning of this week. If DOGE recovers and closes above the descending trend line (drawn by connecting multiple highs since the end of May), it may continue its upward momentum until the high of $0.206 on June 11.
On the daily chart, the Relative Strength Index (RSI) is at 38, having risen from the oversold level on Sunday, indicating that the bearish momentum is weakening. The Moving Average Convergence Divergence (MACD) indicator suggests a bullish crossover (the MACD line is close to crossing above the signal line), and if completed, it will generate a buy signal.
(Source: Trading View)
As for SHIB, the daily chart shows a price decline, retesting the low of $0.000010 from April 9 on Sunday, and rebounding 9.15% the next day, closing above the intraday resistance level of $0.000011. As of Tuesday when this article was written, the price continues to rise, approaching the downward trend line drawn from multiple highs since mid-May.
If SHIB breaks and closes above the downtrend line, the next resistance level may be at the June 11 high of $0.000013.
Similar to DOGE, the daily RSI for SHIB is 43, indicating a V-shaped Rebound after retesting the oversold condition on Sunday. The MACD has also formed a bullish crossover on the daily chart.
Manish continued to state that if SHIB's daily closing price is below the daily support level of $0.000011, it may continue to decline towards the April 9 low of $0.000010.
(Source: Trading View)
Taking PEPE as an example, its price broke the daily support level of $0.0000088 on Sunday, but rebounded more than 11% the next day. As of Tuesday when this article was written, its trading price has slightly risen to about $0.0000099.
If PEPE continues to recover and closes above the daily resistance level of $0.000010, it may extend its rise until the next daily resistance level of $0.000012.
Like DOGE and SHIB, PEPE's RSI has recovered to neutral levels, and the MACD also indicates a bullish crossover.
If PEPE closes below the daily support level of $0.0000088, it may continue its downtrend, falling towards the next daily support level of $0.0000079.
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Popular meme coin price predictions: DOGE, SHIB, and PEPE financing interest rates turn positive, derivation data shows a bullish trend.
According to Gate, the popular meme coins DOGE, Shiba Inu (SHIB), and PEPE continued their upward trend on Tuesday (June 24) after a significant rebound the previous day. The announcement of a ceasefire between Iran and Israel on Monday fueled this rebound. Derivation data also shows that with the increase in bullish bets, the financing rates for DOGE, SHIB, and PEPE have turned positive.
U.S. President Donald Trump announced a "comprehensive" ceasefire between Israel and Iran on Monday evening, pausing a war that has lasted for 12 days. This announcement triggered a significant rebound in the cryptocurrency market, with popular meme coins like DOGE, SHIB, and PEPE rising more than 8%, 9%, and 11% respectively on that day. On Tuesday, these meme coins continued their upward trend.
The open interest weighted funding rates for DOGE, SHIB, and PEPE from CoinGlass show that the number of traders betting on further declines in these meme coins is lower than the number of traders expecting price increases. Typically, a positive interest rate (longs paying shorts) indicates bullish sentiment, while a negative interest rate (shorts paying longs) indicates bearish sentiment.
By market capitalization, the indicators for these top meme coins turned positive on Tuesday, with DOGE at 0.0003%, SHIB at 0.0076%, and PEPE at 0.0044%, indicating a bullish outlook for these three meme coins.
According to Coinglass data, on Tuesday the long-short ratio for SHIB and PEPE meme coins were 1.18 and 1.08 respectively, reaching the highest levels in over a month. However, the long-short ratio for DOGE was 1.01, steadily rising since Saturday, but still far below the peak on June 5.
Generally speaking, a ratio above 1 reflects bullish market sentiment, as more and more traders are betting that the price of meme coins will rise.
The technical prospects of DOGE, SHIB, and PEPE show a V-shaped rebound
FXStreet analyst Manish Chhetri stated that the DOGE price rebounded significantly at the beginning of this week. If DOGE recovers and closes above the descending trend line (drawn by connecting multiple highs since the end of May), it may continue its upward momentum until the high of $0.206 on June 11.
On the daily chart, the Relative Strength Index (RSI) is at 38, having risen from the oversold level on Sunday, indicating that the bearish momentum is weakening. The Moving Average Convergence Divergence (MACD) indicator suggests a bullish crossover (the MACD line is close to crossing above the signal line), and if completed, it will generate a buy signal.
(Source: Trading View)
As for SHIB, the daily chart shows a price decline, retesting the low of $0.000010 from April 9 on Sunday, and rebounding 9.15% the next day, closing above the intraday resistance level of $0.000011. As of Tuesday when this article was written, the price continues to rise, approaching the downward trend line drawn from multiple highs since mid-May.
If SHIB breaks and closes above the downtrend line, the next resistance level may be at the June 11 high of $0.000013.
Similar to DOGE, the daily RSI for SHIB is 43, indicating a V-shaped Rebound after retesting the oversold condition on Sunday. The MACD has also formed a bullish crossover on the daily chart.
Manish continued to state that if SHIB's daily closing price is below the daily support level of $0.000011, it may continue to decline towards the April 9 low of $0.000010.
(Source: Trading View)
Taking PEPE as an example, its price broke the daily support level of $0.0000088 on Sunday, but rebounded more than 11% the next day. As of Tuesday when this article was written, its trading price has slightly risen to about $0.0000099.
If PEPE continues to recover and closes above the daily resistance level of $0.000010, it may extend its rise until the next daily resistance level of $0.000012.
Like DOGE and SHIB, PEPE's RSI has recovered to neutral levels, and the MACD also indicates a bullish crossover.
If PEPE closes below the daily support level of $0.0000088, it may continue its downtrend, falling towards the next daily support level of $0.0000079.
(Source: Trading View)