"Exploding with Dogecoin"...The Big Three Meme Coins, a Simultaneous Upward Rally

▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE)/ChatGPT generated image

As investor sentiment in the memecoin market revives, Dogecoin, Shiba Inu, and Pepe are simultaneously showing strong bullish trends. Dogecoin (DOGE) took the lead with a weekly gain of over 6%, Shiba Inu (SHIB) broke through the top of its trading range, and Pepe (PEPE) maintained its upward structure above key moving averages.

FXStreet reported on May 6 that Dogecoin, Shiba Inu, and Pepe are continuing their upward trend this week, with improved market sentiment across memecoins supporting all three assets. Dogecoin led the bullish momentum by rising above $0.115, Shiba Inu broke out of its sideways trading range, increasing the potential for further rallies. Pepe maintained its bullish structure above key technical support levels.

Dogecoin traded above $0.115 on Wednesday, rising more than 6% this week. The fact that it remains above the 50-day exponential moving average (EMA) of $0.100 and the 100-day EMA of $0.105 was also presented as a positive sign. If the upward momentum continues, it could rise to the weekly resistance level of $0.119. The daily Relative Strength Index (RSI) is 80, exceeding the overbought threshold and pointing upwards, and the daily Moving Average Convergence Divergence (MACD) also showed an expansion of green histograms, supporting a positive outlook. Conversely, if a correction occurs, it could fall to the 100-day EMA of $0.105.

Shiba Inu continued its upward trend after confirming support near the 50-day EMA of $0.0000061 on Sunday. On Tuesday, it broke above the upper boundary of its sideways range at $0.0000064, and as of Wednesday, it approached the 200-day EMA of $0.0000064. If Shiba Inu maintains this upper boundary on a daily basis and closes above the 200-day EMA, it could extend its upward momentum to the weekly resistance level of $0.0000068. The daily Relative Strength Index (RSI) is 63, above the neutral line of 50 and not yet in the overbought zone, and the Moving Average Convergence Divergence (MACD) also showed green histograms, supporting a bullish outlook. In case of a correction, the downside target is set at the 50-day EMA of $0.0000061.

Pepe continued its upward trend above $0.0000042 on Wednesday after closing above the 100-day EMA of $0.0000040 on Tuesday. If the 100-day EMA holds as support, Pepe could extend its rally towards the 200-day EMA of $0.0000049, which is just below the daily resistance level of $0.0000052. The daily Relative Strength Index (RSI) is 68, approaching the overbought zone, and the Moving Average Convergence Divergence (MACD) also showed a bullish crossover and expanding green histograms. Conversely, if a rejection occurs, it could fall to the 100-day EMA of $0.0000040.

The short-term trends for Dogecoin, Shiba Inu, and Pepe depend on whether each asset defends its key support levels and breaks through resistance levels. For Dogecoin, $0.119 is presented as the next upward hurdle; for Shiba Inu, $0.0000068; and for Pepe, the range between $0.0000049 and $0.0000052. FXStreet reported that Dogecoin is leading the rally amidst improved memecoin market sentiment, while Shiba Inu and Pepe are maintaining their technically bullish structures.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*