Meme Coin Market 'Shaken' by Dogecoin's Bearish Turn...Shiba Inu and Pepe Buying Slows

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

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

According to FXStreet on May 8, local time, major meme coins including Dogecoin, Shiba Inu, and Pepe are at risk of giving back their earlier gains due to weakening buying pressure and overall market sentiment. 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 of $0.1063, indicating an ongoing test of short-term support, and is significantly below the long-term benchmark, the 200-day exponential moving average of $0.1262.

Dogecoin's Moving Average Convergence Divergence (MACD) indicator on the daily chart still maintains a slight positive, but it 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 $0.1160 supply zone and the 200-day exponential moving average of $0.1262 are presented as key resistance levels. Analysis suggests that a daily close above this zone is required to confirm a strong uptrend extension.

On the downside, the current pivot zone around $0.1064 is considered immediate support. The 100-day exponential moving average of $0.1063 underpins this zone, and if selling pressure regains strength, the 50-day exponential moving average of $0.1005 could act as a deeper buffer zone.

Shiba Inu is consolidating between the 50-day exponential moving average of $0.00000614 and the 100-day exponential moving average of $0.00000644. After a 2% drop the previous day, it maintained a stable trend on Friday, but upward pressure remains. The Moving Average Convergence Divergence (MACD) and signal line continue to consolidate, leaving open the possibility of a bearish crossover, which could be interpreted as a signal of increased selling pressure.

If Shiba Inu closes daily below the 50-day exponential moving average of $0.00000614, the decline could extend to the March 19 low of $0.00000562. Conversely, if it overcomes the 100-day exponential moving average resistance of $0.00000644, buyers could target the 200-day exponential moving average of $0.00000757 as the next goal.

Pepe remained above the confluence of the 50-day and 100-day exponential moving averages, maintaining a moderate bullish trend in the short term. However, the 200-day exponential moving average on the upside remained a variable maintaining greater bearish pressure. The Relative Strength Index (RSI) was 64, close to the bullish zone without an overbought signal, but the positive bars of the Moving Average Convergence Divergence (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 exponential moving average of $0.00000494. The 200-day exponential moving average is close to the psychological benchmark of $0.00000500. On the downside, the 100-day exponential moving average of $0.00000403 is immediate support to sustain a short-term recovery, and the next support is the 50-day exponential moving average of $0.00000382.

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