Memecoin Market 'Shaken' by Dogecoin's Bearish Turn...Shiba Inu and Pepe See Slowed Buying Momentum

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

The memecoin market is shaking. Dogecoin (DOGE) has turned bearish, falling for three consecutive days, while Shiba Inu (SHIB) and Pepe (PEPE) are trading sideways near key exponential moving averages without finding a clear direction.

According to FXStreet on May 8, local time, major memecoins including Dogecoin, Shiba Inu, and Pepe are at risk of giving back previous gains as buying pressure and overall market sentiment weaken. Dogecoin was trading around $0.1065 as of Friday, showing a neutral to bearish trend. It remains close to the 100-day exponential moving average (EMA) of $0.1063, continuing to test short-term support, and is significantly below the long-term benchmark, the 200-day EMA of $0.1262.

Dogecoin's Moving Average Convergence Divergence (MACD) indicator on the daily chart still remains slightly positive but is approaching the signal line, increasing the risk of a bearish crossover. The Relative Strength Index (RSI) is around 57, suggesting moderate upward momentum rather than overbought conditions. On the upside, the supply zone at $0.1160 and the 200-day EMA at $0.1262 are presented as key resistance levels. Analysis suggests that a daily close above this zone is needed to indicate a strong uptrend extension.

On the downside, the current pivot zone around $0.1064 is identified as immediate support. The 100-day EMA at $0.1063 supports this zone, and if selling pressure regains strength, the 50-day EMA at $0.1005 could act as a deeper buffer zone.

Shiba Inu is trading sideways between the 50-day EMA at $0.00000614 and the 100-day EMA at $0.00000644. After a 2% drop the previous day, it maintained a stable trend on Friday, but upward pressure remains. The MACD and its signal line continue to trade sideways, leaving open the possibility of a bearish crossover, which could be interpreted as a signal for increased selling pressure.

If Shiba Inu closes daily below the 50-day EMA at $0.00000614, the downtrend could extend to the March 19 low of $0.00000562. Conversely, if it overcomes the 100-day EMA resistance at $0.00000644, buying pressure could target the 200-day EMA at $0.00000757 as the next objective.

Pepe remained above the zone where the 50-day and 100-day EMAs converged, maintaining a moderate bullish trend in the short term. However, the 200-day EMA on the upside remains a variable maintaining greater bearish pressure. The RSI was 64, close to the bullish zone without an overbought signal, but the positive bars on the MACD histogram decreased, indicating a slowdown in upward momentum.

Pepe's upside resistance levels are presented as the February 25 high of $0.00000443 and the 200-day EMA of $0.00000494. The 200-day EMA is close to the psychological benchmark of $0.00000500. On the downside, the 100-day EMA at $0.00000403 is the immediate support to sustain a short-term recovery, and the next support level is the 50-day EMA at $0.00000382.

*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.*