Today's popular meme coin price prediction: DOGE, SHIB, PEPE face risks, and the decrease in open contracts indicates a weakening bullish sentiment.

With the overall decline of the cryptocurrency market, meme coins such as DOGE, Shiba Inu (SHIB), and PEPE are facing pressure. Against the backdrop of bullish momentum and a decrease in open interest (OI), meme coins are holding onto key support levels, indicating that downside risks are intensifying.

DOGE risks intensify, bullish momentum is weakening

As of the time of writing on Tuesday, DOGE has risen by over 1%, indicating a slight recovery from its 6% decline on Monday. The super trend indicator is at $0.22, showing that the bullish trend remains intact; the Relative Strength Index (RSI) is at 54 and close to the midpoint, indicating that buying pressure is weakening.

The smooth moving average convergence divergence (MACD) on the daily chart fell below the signal line on Sunday, issuing a sell signal. Investors who are on the sidelines may consider a drop of the average line below the zero line as the next potential sell signal.

The downward trend of DOGE has delayed the golden cross pattern in the 50-day and 200-day exponential moving averages (EMA).

If DOGE breaks below $0.22, the upward trend will fail, and the target may be $0.2075 of the 200-day EMA.

In a downtrend, Coinglass data shows that the open interest (OI) of DOGE has decreased from last week's peak of 5.35 billion USD to 3.96 billion USD. Typically, a decline in open interest indicates capital outflow, suggesting a decrease in trader interest.

On the other hand, the lower shadow of the DOGE intraday candle suggests a potential recovery, with a target level of $0.2597.

(Source: Trading View)

SHIB is at a key support level and is expected to rebound

As of the writing of this article, the price of Shiba Inu has slightly increased by 1%, after a decline of 5.65% on Monday, the coin found support at the 50-day moving average (EMA). The meme coin has struggled to break through the support level of $0.00001337, which was last tested on Friday.

If it completely breaks below that level, the downtrend may continue to the 0.00001221 USD level breached on July 9.

Technical indicators show that bullish momentum is weakening, with the MACD and signal line issuing a sell signal on Friday. However, the RSI index remains at 48, slightly below the zero line on the daily chart, in the neutral zone, indicating that buying pressure is decreasing.

SHIB OI has fallen from last week's $328.36 million to $212.48 million, indicating a decline in trader interest in the second-largest meme coin.

To solidify the upward trend, Shiba Inu must reclaim the 200-day EMA at $0.00001449 to challenge the resistance level of $0.00001567 tested last on July 22.

(Source: Trading View)

PEPE is struggling at the 50-day moving average, facing the risk of further下行

After a nearly 7% drop on Monday, the PEPE meme coin found support at the 50-day moving average and the level of $0.00001196. The rising 100-day and 200-day moving averages act as the second line of defense at $0.00001132 and $0.00001122, respectively.

If the downward trend breaks the 200-day EMA, SHIB may continue to decline to the level of the June 5 low of 0.00001037.

The MACD indicator has displayed a new red histogram below the zero line, indicating a strengthening bearish momentum. The Relative Strength Index (RSI) reading is 47, falling below the midpoint, showing a sharp decline in buying pressure.

Similar to other meme coins, as of Tuesday, PEPE OI has fallen from last week's peak of $1.02 billion to $698.98 million. The loss of over $300 million highlights the significant capital outflow from PEPE derivatives as traders choose to sit on the sidelines, waiting for a decisive trend to emerge.

On the other hand, the reversal of PEPE may target the upper resistance level of 0.00001362, followed by the psychological resistance level of 0.00001500.

(Source: Trading View)