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

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.

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.

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.

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