Meme coins proceed to face promoting strain on the time of writing on Friday, with Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) extending correction practically 8% thus far this week. The momentum indicators for these three meme coins are flashing weak point, suggesting a deeper correction on the horizon.
Dogecoin closes under key assist zone
Dogecoin value confronted rejection on the weekly resistance stage at $0.181 on November 11 and declined by greater than 17% over the following 10 days, closing under the each day assist at $0.149. On the time of writing on Friday, DOGE is buying and selling down round $0.146.
If DOGE continues its correction, it may lengthen the decline towards the April 7 low of $0.129.
The Relative Energy Index (RSI) on the each day chart reads 34, under its impartial stage of fifty, indicating bearish momentum gaining traction. Furthermore, the Shifting Common Convergence Divergence (MACD) confirmed a bearish crossover final week, which stays intact, suggesting the continuation of a downward pattern.
Then again, if DOGE recovers, it may lengthen the restoration towards the weekly resistance at $0.181.
Shiba Inu value reveals bearish indicators in momentum indicators
Shiba Inu value confronted rejection across the 50% value retracement stage at $0.0000099 on November 13 and declined by practically 13% till Thursday. On the time of writing on Friday, SHIB trades down round $0.0000081.
If SHIB continues its downward pattern, it may lengthen the decline towards the November 21, 2023, low of $0.0000076.
Like Dogecoin, SHIB’s RSI and MACD indicators additionally assist the continuation of the bearish view.
Then again, if SHIB rallies, it may lengthen positive factors towards the important thing resistance at $0.0000099.
Pepe may lengthen a deeper correction if it closes under the decrease trendline assist
Pepe value confronted rejection on the higher trendline boundary on November 11 and declined by greater than 31% over the following 10 days. On the time of writing on Friday, PEPE continues to commerce down close to the decrease trendline boundary.
If PEPE closes under the decrease trendline boundary round $0.0000041 each day, it may lengthen the decline towards the October 10 low of $0.0000027.
Like Dogecoin and Shiba Inu, Pepe’s RSI and MACD indicators additionally assist the bearish view.
Then again, if PEPE recovers, it may lengthen the rally towards the following resistance at $0.0000065.
