The blue chip meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), fail to extend the recovery run from Monday as the broader cryptocurrency market takes a hit. The declining futures Open Interest, large wallet investors’ holdings, and bullish momentum point to an extended correction in DOGE, SHIB, and PEPE.
Bitcoin price found support around the 61.8% Fibonacci retracement at $106,453 (drawn from the April low of $74,508 to the record high of $126,199) on Saturday and recovered by nearly 4% by Monday. However, on Tuesday, BTC faced rejection from the 50-day Exponential Moving Average (EMA) at $113,606, declining 2%. At the time of writing on Wednesday, BTC trades at around $108,100. If BTC continues its correction, it could decline toward the 61.8% Fibonacci retracement at $106,453. A successful close below this level could extend additional losses toward the October 10 low of $102,000.
Bittensor trades above the 200-day Exponential Moving Average (EMA) at $361 at press time on Wednesday, after losing the $400 psychological support in a 5% drop on Tuesday. The overhead pressure at the 50% retracement level, identified from the high of $748 on December 6 to the low of $167 on April 7, was encountered at $458 on Sunday and triggered the ongoing pullback. The immediate support lies at the converging 50-day, 100-day, and 200-day EMAs near $361. A slip below this level could extend the decline to $304, marked by the 23.6% Fibonacci retracement level.
