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Dogecoin, Shiba Inu, Pepe simultaneously weaken: Is the wave of fall still ongoing?
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are under strong selling pressure as the entire crypto market struggles to regain growth momentum. Both Dogecoin and Shiba Inu have broken key support levels, indicating a clear weakening trend. Meanwhile, Pepe is trying to hold steady at a key support zone – but if this price level is breached, the current downtrend could accelerate sharply.
Dogecoin could extend its fall if it closes below the $0.18 mark.
Dogecoin (DOGE) closed the trading session on Thursday with a candle closing below the (EMA) 200-day moving average at $0.21, signaling a negative signal on the technical chart. Subsequently, the price continued to plummet nearly 10% in the next session, reinforcing the short-term downtrend. As of Monday, DOGE is still fluctuating below this level, approaching the important support threshold at $0.18 – a zone that previously served as a support in the past weeks.
If the bears continue to dominate and push the close price below $0.18 on the daily frame, Dogecoin may face the risk of falling further to the next support zone around $0.15.
! DOGE/USDT Daily Chart | Source: TradingViewTechnical indicators are now also in favor of the negative scenario: the daily RSI is at 39 – significantly lower than the neutral of 50 – reflecting increasing selling momentum. At the same time, the MACD has also just appeared to cross, sending a sell signal and the possibility of continuing to adjust in the short term.
On the contrary, if buying pressure returns and helps DOGE recover, this meme coin may have a chance to retest the 200-day EMA at the zone of $0.21 – which is currently acting as a significant dynamic resistance.
The fall of Shiba Inu may extend an additional 10%
The Shiba Inu price (SHIB) officially closed below the 50-day (EMA) exponential moving average at $0.0000139 on Thursday, then continued to plunge another 8.13% in the next session. As of Monday morning, SHIB was trading around $0.0000127.
If the 50-day EMA continues to act as a resistance zone, selling pressure could push the price of SHIB down by about 10% from the current level, nearing the bottom established on April 16 at $0.0000114.
! Daily SHIB/USDT Chart | Source: TradingViewTechnical signals are leaning towards the downtrend: the RSI on the daily frame has retreated to 38, below the neutral level of 50, indicating that selling momentum is dominant. At the same time, the MACD line has crossed below the signal line, accompanied by red histogram bars expanding below the 0 line, further strengthening the prospects for further correction.
However, in the case that SHIB rebounds, the 50-day EMA at $0.0000139 will be the first resistance zone to break through to confirm the short-term recovery trend.
The downward pressure of Pepe is increasing
In the past week, the price of Pepe (PEPE) has fallen more than 13% after a bearish divergence signal was confirmed. However, by the end of the weekend, this meme coin found an important technical support at the 50-day EMA around the $0.0000113 mark – where buying pressure emerged and temporarily halted the decline.
At the time of writing, PEPE is hovering near $0.0000115. If the price closes below the 50-day EMA, the downtrend could continue, with the next support zone located around $0.0000103 on the daily timeframe.
However, if PEPE holds the support zone at the 50-day EMA, the buying pressure may drive a technical bounce, bringing the price back to test the nearest resistance around the $0.0000121 mark.
SN_Nour