Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are leading the cryptocurrency market rally driven by a US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin has extended its gains for the fifth consecutive day while SHIB and PEPE pause, yet the technical outlook for the major meme coins remains bullish. Venezuela’s shift to crypto, including Tether’s USDT to settle crude oil sales, is estimated at roughly $10 billion to $15 billion, and Maduro is believed to have converted USDT for BTC to avoid a wallet freeze. Combined with past BTC mining seizures and gold swaps, Venezuela’s shadow reserve is reportedly around 600,000 BTC, with the US Strategic Bitcoin Reserve potentially absorbing or freezing these holdings to reduce supply and boost demand.
DOGE is up 2% at press time on Monday, building on the 4% gains from Sunday and extending its recovery over the 50-day EMA at $0.14339 while trading above the $0.15000 round figure. The breakout reflects a descending wedge pattern on the daily logarithmic chart, with the rally targeting the 200-day EMA at $0.18202 and the overhead supply between $0.18100 and $0.18500. The daily momentum indicators show buy-side dominance, with the RSI at 65 and the MACD rising with green histogram bars; a drop below $0.14399 could offset the breakout and threaten the $0.1300 level.
Shiba Inu jumped nearly 12% on Sunday, breaking above the resistance trendline; at the time of writing, SHIB is down over 1% on Monday, and a recovery could target the 200-day EMA at $0.00001065. Like DOGE, SHIB’s momentum indicators point to bullish momentum on the daily chart, with the RSI at 65 near the overbought zone and the MACD crossing above the zero line with rising green histogram bars. Looking down, if SHIB fails to hold above the 50-day EMA at $0.00000821, it would nullify the breakout rally, risking a decline to the October 10 low at $0.00000678. Pepe edged lower by nearly 2% after rising almost 18% on Sunday, facing overhead pressure near the 200-day EMA at $0.00000749; a move above this could extend the rally to $0.00000886, while the RSI at 79 indicates deep overbought conditions.
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