Dogecoin, Shiba Inu, and Pepe at critical support, pullback looms 

Source Fxstreet
  • Dogecoin price hovers above a crucial support level as technical indicators signal an increasing bearish momentum.
  • Shiba Inu risks dropping under the $0.00001266 support floor, warning of a potential near double-digit fall. 
  • Pepe holds above critical 50-day EMA support at $0.00001146, a decisive closing could increase selling pressure.

Meme coins market capitalization is down by over 4% in the day to $59.79 billion at press time, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) on a downhill trek as the broader cryptocurrency market remains in a slump due to Bitcoin (BTC) slipping below $105,000. DOGE, SHIB, and PEPE, the top meme coins by market cap, stand at a crucial crossroads, putting key support levels at risk. 

Dogecoin risks a fall to $0.14

Dogecoin trades at $0.1886 at the time of writing on Thursday, recording an over 2% drop so far this week following the 13.90% fall last week. With a 2.58% drop the previous day, DOGE marked the lowest closing price in just over three weeks. 

The ongoing pullback broke under the crucial 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) on Friday and tests a critical support level at $0.1865, marked by the long-tail candles over the weekend. 

A daily closing below $0.1865 could result in a steep correction to $0.1642, May’s lowest trading price. In case of an extended crash, the support floor at the lowest year-to-date closing price of $0.1422 could absorb the incoming supply. 

The Moving Average Convergence/Divergence (MACD) indicator shows the average lines declining into the negative territory, concurrent with the rising red histogram bars. In addition, the Relative Strength Index (RSI) at 38 continues declining below the halfway level. 

Thus, the momentum indicators reveal a gradual surge in bearish momentum and room for extended correction before reaching the oversold condition. 

DOGE/USDT daily price chart. Source: Tradingview

On the contrary, a bullish reversal could face immediate opposition at the 50-day EMA at $0.2026.

Shiba Inu loses weekly gains, warns of steeper correction

At the time of writing, Shiba Inu trades at $0.00001281, experiencing a sudden pullback after a bullish start to the week. Amid increasing bearish momentum, SHIB extends the correction from the weekly high of $0.00001344, depleting the weekly gains and retesting the crucial support level of $0.00001266 (swing low in early May). 

Currently, the support level acts as a line of defense, preventing a near 8% drop to $0.00001168 if breached. 

Supporting the downside risk, the MACD and its signal line fall deeper into the negative territory while the RSI at 39 approaches the oversold boundary. Hence, the momentum indicators suggest a bearish viewpoint.  

SHIB/USDT daily price chart. Source: Tradingview

However, if SHIB rebounds from the crucial support level, the 50-day EMA at $0.00001382 becomes the key resistance level.

Pepe hits a crossroads at the 50-day EMA

Pepe shares the same fate as other top meme coins, declining to a crucial support level at the $0.00001150 zone, aligning closely with the 50-day EMA at $0.00001146. The meme coin is down almost 10% from the weekly high at $0.00001296 set on Tuesday as the segment cools off.

At the time of writing, PEPE records a pullback of under 1%, while the long-tail candles indicate a high likelihood of bearish continuation. A closing below the 50-day EMA could increase pressure over the 200-day EMA at $0.00001108 to absorb the selling pressure. 

If PEPE fractures this dynamic support, a pullback to the $0.000010 psychological level could be imminent. 

PEPE/USDT daily price chart. Source: Tradingview

However, should the 50-day EMA provide a cushion to bounce off, the meme coin could rise towards the $0.00001550 resistance, marked by May’s highest closing price. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
U.S. May PCE Preview: Tariff Inflation Effects Continue to Delay – Can the U.S. Market Ignore the Report?On Friday, June 27, the U.S. will release Personal Consumption Expenditures (PCE) price index for May, widely regarded as the Federal Reserve’s preferred inflation gauge and a key reference for FOMC officials in assessing inflation trends and shaping monetary policy decisions.
Author  TradingKey
10 hours ago
On Friday, June 27, the U.S. will release Personal Consumption Expenditures (PCE) price index for May, widely regarded as the Federal Reserve’s preferred inflation gauge and a key reference for FOMC officials in assessing inflation trends and shaping monetary policy decisions.
placeholder
Bitcoin's hashrate recovers by 30% in one dayBitcoin's hashrate saw a sharp downturn in the past week, followed by a rapid recovery close to a new all-time high of 1,000 EH/s.
Author  Cryptopolitan
11 hours ago
Bitcoin's hashrate saw a sharp downturn in the past week, followed by a rapid recovery close to a new all-time high of 1,000 EH/s.
placeholder
Forex Today: US Dollar drops to multi-year lows ahead of mid-tier dataThe US Dollar (USD) stays under bearish pressure in the second half of the week, with the USD Index slumping to its weakest level since March 2022 below 97.50.
Author  FXStreet
11 hours ago
The US Dollar (USD) stays under bearish pressure in the second half of the week, with the USD Index slumping to its weakest level since March 2022 below 97.50.
placeholder
Silver Price Forecast: XAG/USD moves below $36.50, targets nine-day EMA supportSilver price (XAG/USD) edges lower after registering nearly 1% in the previous day, trading around $36.40 per troy ounce during the early European hours on Thursday.
Author  FXStreet
11 hours ago
Silver price (XAG/USD) edges lower after registering nearly 1% in the previous day, trading around $36.40 per troy ounce during the early European hours on Thursday.
placeholder
USD/CHF dips to 14-year lows below 0.8035 amid broad-based Dollar weaknessThe Swiss Franc rallies further on Thursday reaching levels not seen since October 2021.
Author  FXStreet
11 hours ago
The Swiss Franc rallies further on Thursday reaching levels not seen since October 2021.
Related Instrument
goTop
quote