DOGE, SHIB, PEPE Technical Analysis Following Harris’s Pro-Crypto Stance

Top memecoins, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have gained in prices in the last 24 hours. As of Oct. 15, DOGE was up by about 3.50% and SHIB by 1.50%. PEPE was steady after rising 2.75% in the same period.

The rally coincides with renewed optimism about United States presidential candidate Kamala Harris’s promise to establish clear crypto regulations. In her campaign speech on Oct. 14, Harris promised to support the financial empowerment—particularly of Black entrepreneurs—through crypto.

Her stance signals a shift away from the enforcement-heavy approach under President Joe Biden, sparking optimism across crypto markets, especially in high-risk assets like memecoins.

Dogecoin (DOGE) Technical Analysis

DOGE/USD Daily Chart: A 65% Rally Setup Underway

Dogecoin’s technical setup looks very bullish due to its recent breakout from a prevailing falling wedge pattern.

A falling wedge is a classic bullish reversal signal that forms when the price trends lower inside a range defined by two descending, converging trendlines. It typically resolves when the price breaks above the upper trendline and—per a technical rule—rises by as much as the maximum distance between the upper and lower trendlines.

As of Oct. 15, DOGE’s price had entered the wedge’s breakout stage. It recently retested the upper trendline—coinciding with the 50-day exponential moving average (50-day EMA; the red wave)—as support.

The king memecoin is now eyeing a move above the 0.236 Fibonacci retracement level near $0.122. In doing so, it would eye the upper trendline of its short-term ascending channel range—at around $0.141—as its primary target for October.

However, its falling wedge upside target sits around the 0.786 Fib line at about $0.192, up about 65% from the current price levels.

Additionally, with broader market sentiment shifting in favor of riskier assets like DOGE, driven by a rising S&P 500 and a pro-crypto regulatory environment, there is strong momentum behind this move.

If these conditions persist, DOGE could potentially retest its yearly highs by the end of 2024.

Shiba Inu (SHIB) Technical Analysis

SHIB/USDT Daily Chart: A U-Shaped Recovery Detected

Shiba Inu is amidst a U-shaped recovery, breaking out from its multi-week downtrend. After finding solid support around $0.00001273, SHIB is gradually moving upwards, reclaiming the 200-day EMA of around $0.00001692.

A U-shaped recovery in the crypto market often begins with a significant price drop. Unlike a sharp bounce-back, the market enters a longer bottoming period, characterized by sideways movement or slow decline — the market’s way of stabilizing after the shock as participants wait for clearer signals of recovery.

Unlike a V-shaped recovery, where prices shoot up quickly, a U-shaped recovery sees slow, incremental gains driven by improving fundamentals. That seems to be the case with Shiba Inu, primarily amid Harris’s pro-crypto initiative.

Technically, SHIB faces resistance at its 0.236 Fib line of around $0.00002032. Earlier, the cryptocurrency’s test of the same level resulted in a 47% decline. Therefore, traders may become cautious around it in October, leading to a slower recovery.

However, a successful breakout above the 0.236 Fib line could have SHIB test $0.00002881 as its primary upside target in 2024. This level served as resistance in the April-May 2024 session.

PEPE Coin Technical Analysis

PEPE/USDT Daily Chart: A DOGE-Like Falling Wedge

PEPE has also broken out of a falling wedge pattern, a structure that mirrors DOGE’s bullish breakout.

The frog-themed memecoin experienced a fakeout in early October. However, it is now showing signs of a legitimate breakout, confirmed by a rise in trading volumes after the price closed above the wedge’s upper trendline.

PEPE is currently testing key resistance around $0.00001142, coinciding with its 0.5 Fib line. Its falling wedge target, however, is above $0.00001460 — between the 0.786 and 1.0 Fib lines.

So, the memecoin’s technical outlook points toward continuing its bullish cycle, especially as traders speculate on further gains amidst Harris’s pro-crypto turn and improving risk sentiment across Wall Street.