|

Dogecoin, Shiba Inu and Pepe slide as meme coin correction gathers pace

  • Dogecoin trades in red on Monday after falling over 6% in the previous week.
  • Shiba Inu closes below the lower boundary of its consolidation range around $0.000056, signaling a deeper correction.
  • Pepe slips near the daily support at $0.0000035, a firm close below suggests further losses.

Meme coins remain under pressure on Monday as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) struggle after losing over 6%, 2% and 2.5% in the previous week. DOGE and SHIB slip below their key support zone. Meanwhile, PEPE edges toward the support zone, where a close below would suggest a deeper correction.

Dogecoin faces rejection from key resistance zones

Dogecoin’s price failed to close above the key 100-day Exponential Moving Average (EMA) at $0.105 on Thursday and declined by over 3% the next day. DOGE closed below the 50-day EMA at $0.103 and struggled below it during the week. At the time of writing on Monday, DOGE trades below this resistance at $0.102.

If DOGE continues to correct, it could extend the losses toward the key psychological level at $0.100.

The Relative Strength Index (RSI) on the daily chart reads 44, below the neutral level of 50, indicating bearish momentum gaining traction. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover on May 16, which remains intact, supporting the bearish outlook.

DOGE/USDT daily chart

However, if DOGE recovers, it could extend the advance toward the 100-day EMA at $0.105.

Shiba Inu closes below the lower consolidation boundary

Shiba Inu corrected over 2% and closed below the lower boundary of the consolidation range at $0.0000056 in the previous week. At the time of writing on Monday, SHIB is retesting this previously broken zone.

If SHIB faces rejection at $0.0000056, it could extend losses toward the February 6 low at $0.0000050.

Like Dogecoin, SHIB’s momentum indicators, RSI and MACD, show bearish momentum gaining traction.

SHIB/USDT daily chart

On the other hand, if SHIB recovers, it could extend the advance toward the 50-day EMA at $0.0000060.

Pepe could extend losses if it closes below key support

Pepe price corrected over 2.7% last week and retested the daily support at $0.0000036 on Monday.

If PEPE closes below the daily support at $0.0000036, it could extend the losses toward the April 7 low at $0.0000033.

Like Dogecoin and Shiba Inu, Pepe’s momentum indicators, RSI and MACD, also support a negative outlook.

PEPE/USDT daily chart

If PEPE recovers, it could extend the recovery toward the 50-day EMA at $0.0000038.

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

More from Manish Chhetri
Share:

Editor's Picks

Crypto's future lies in tokenized real-world assets, not speculation

Atlas Capital CEO Reza Bandi stated that the crypto industry's next major growth phase will be driven by the tokenization of real-world assets rather than speculative trading. In an interview with FXStreet, Bandi identified three factors supporting the expansion of tokenization.

Top 3 Price Prediction: BTC remains vulnerable, ETH weakens further, XRP signals more downside

Bitcoin, Ethereum, and Ripple remain under pressure mid-week, as the broader cryptocurrency market struggles to regain recovery momentum. BTC struggles below $62,000, ETH continues to weaken below $1,650, while XRP’s momentum indicators remain biased toward further downside.

Crypto Overview: Bitcoin is back under $62,000 – Hyperliquid, DeXe lead losses

The broader cryptocurrency market is under pressure with Bitcoin slipping below $62,000 amid the US launching its third wave of strikes on Iran. Hyperliquid and DeXe are leading losses over the last 24 hours, risking the prevailing upward trend.

Bitcoin sell-off pushes over 50% of circulating supply into loss, hinting at market bottom
Bitcoin (BTC) dropped near $61,000 on Tuesday, with the latest sell-off pushing long-term market indicators toward levels historically associated with bear-market bottoms, according to a report by K33 Research.
Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.