- Meme coins DOGE, SHIB, and PEPE extended last week’s losses as Bitcoin slipped below $93,000
- All three tokens are trading below key moving averages, keeping short-term momentum bearish
- Technical indicators suggest further downside risk unless key resistance levels are reclaimed
Meme coins are starting the week on the back foot again. Dogecoin, Shiba Inu, and Pepe all extended last week’s decline, slipping roughly 3% on Monday. Across the board, prices are trading below key moving averages, which keeps short-term momentum pointed lower and puts immediate support levels back into focus.
This pullback isn’t happening in isolation. The broader market has cooled as well, with Bitcoin dropping below $93,000 after a leverage-fueled rally failed to hold. When BTC loses traction like this, meme coins tend to feel it fast, and that’s exactly what’s playing out now.
Dogecoin Faces Growing Downside Pressure
Dogecoin is down about 3% at the time of writing, marking its sixth straight day of losses. Price remains pinned below the 20-day EMA near $0.1375 and the 50-day EMA around $0.1417. Both averages are sloping lower, which keeps recovery attempts capped. Even the longer-term 200-day EMA, sitting near $0.1718, is trending down, reinforcing the broader bearish tone.
Momentum indicators aren’t offering much relief either. The MACD histogram has dipped further into negative territory and continues to expand, with the MACD line staying below the signal line near zero. That usually signals that bearish momentum is building, not fading.
RSI is hovering around 39, creeping closer to oversold territory. Selling pressure is clearly increasing, though it hasn’t reached exhaustion yet. For DOGE to even begin shifting the narrative, it would need a daily close above the descending trendline drawn from the October 27 and January 14 highs.
On the downside, a break below the December 31 low at $0.1161 could open the door toward the October 10 low near $0.095. That’s the level many traders are watching if weakness persists.
Shiba Inu Continues to Drift Lower
Shiba Inu is following a similar script. SHIB is down close to 3% on Monday, extending last week’s 4% slide. The 20-day EMA has rolled over and is now converging with the 50-day EMA near current price levels, a setup that often reflects renewed bearish pressure rather than balance.
If this correction continues, SHIB could drift toward the October 10 low at $0.00000678. That level hasn’t been tested in a while, but it’s back on the radar now.
Momentum indicators are mixed, but not encouraging. The MACD and signal line are nearly flat around zero, with the histogram offering little direction. RSI sits near 43 and is easing, suggesting that upside momentum is fading rather than building.
For bulls to regain any control, SHIB would need a clean break above the clustered 20- and 50-day EMAs around $0.00000836. Until then, price action remains heavy.
Pepe’s Downtrend Deepens
Pepe looks the weakest of the group right now. The token is down around 4% on Monday, marking its third consecutive bearish week. Price has slipped below the 50-day EMA near $0.00000541, adding more weight to the downtrend.
If selling pressure continues and PEPE loses the psychological $0.00000500 level, the next downside target sits near the December 18 low at $0.00000363. That’s a meaningful gap, and it highlights just how thin support becomes once this level gives way.
The MACD has crossed below the signal line and is drifting toward zero, while negative histogram bars continue to grow. RSI has slipped to around 43 and has crossed below the midpoint, pointing to a clear sell-side bias.
Any bounce attempt is likely to run into resistance near the 20-day EMA around $0.00000567, which now acts as an overhead ceiling rather than support.
For now, meme coins remain under pressure. As long as Bitcoin struggles to regain momentum, DOGE, SHIB, and PEPE are likely to keep probing lower levels in search of a reset.
