Meme Coins Face Continued Selling Pressure This Week
Meme coins are seeing more selling pressure on Friday. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have all dropped nearly 8% this week. Momentum signals show these coins may see further declines soon.
Dogecoin Drops Below Key Support Level
Dogecoin hit a resistance point at $0.181 on November 11. Then, it fell over 17% in 10 days, closing below daily support at $0.149. On Friday, DOGE trades near $0.146.
If the drop continues, DOGE could reach its April 7 low of $0.129. The daily Relative Strength Index (RSI) is 34, signaling growing bearish momentum. The MACD indicator last week showed a bearish crossover, pointing to more downward pressure.
If DOGE recovers, it might move back up toward the resistance at $0.181.
Shiba Inu Shows Bearish Momentum
Shiba Inu faced resistance near $0.0000099 on November 13. It has since fallen nearly 13% by Thursday. On Friday, SHIB trades around $0.0000081.
If the downtrend continues, SHIB could drop to the November 21 low of $0.0000076. Both RSI and MACD indicators support a bearish outlook.
A rally could push SHIB back toward resistance at $0.0000099.
Pepe Faces Risk of Deeper Decline
Pepe was rejected at an upper trendline on November 11 and fell over 31% in 10 days. On Friday, PEPE trades near the lower trendline around $0.0000041.
If PEPE closes below this lower trendline, it could fall toward its October 10 low of $0.0000027. RSI and MACD indicators also suggest more downside.
If PEPE recovers, it may rally to the next resistance level at $0.0000065.
