Has the Memecoin Rally Kicked Off Again? Dogecoin Leads, Shiba Inu and Pepe Follow

▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) ©

The memecoin market, having emerged from a slump, is once again showing strong bullish momentum. Dogecoin, the market leader, is spearheading an explosive rally, with Shiba Inu and Pepe closely following, signaling a new surge.

According to investment media FXStreet on May 4 (local time), memecoins are collectively regaining positive upward momentum at the start of the week. In particular, Dogecoin (DOGE) surged over 9% last week and continues its upward trend on Monday, firmly leading the market. Shiba Inu (SHIB) and Pepe (PEPE) are also showing gains side by side, on the verge of breaking through key resistance levels. If they successfully overcome these resistance zones, a full-fledged additional rally is anticipated.

Dogecoin, the market leader, has been trading above $0.113 after surpassing its 100-day exponential moving average (EMA) of $0.104 last week, expanding its profit margin. If the current strong upward momentum continues, it can easily reach the weekly resistance level of $0.119. The Relative Strength Index (RSI) on the daily chart is at 78, exceeding the overbought threshold and indicating a strong upward trend, while the Moving Average Convergence Divergence (MACD) also shows rising green histogram bars, supporting a positive market outlook. However, in the event of an unexpected correction, there is a possibility of retreating to the support level of $0.104.

Shiba Inu secured stable support near its 50-day EMA of $0.0000061 on Sunday and has since entered an upward trajectory, closely approaching the upper boundary of its trading range at $0.0000064. If it firmly breaks through this upper zone and closes the daily candle above it, the price could rapidly extend its gains, passing the 100-day EMA of $0.0000064 and reaching the weekly key resistance level of $0.0000068. The Relative Strength Index (RSI) is at 58, above the neutral level, demonstrating bullish momentum, and the MACD also shows green bars, raising expectations for further gains. Conversely, failure to break through the upper boundary could see it retreat to $0.0000061.

Finally, Pepe has firmly established a bottom at its daily support level of $0.0000039 and is currently trading just above its 100-day EMA of $0.0000040. If it holds this level and consolidates, a steep rally towards the 200-day EMA of $0.0000050, which coincides with the daily resistance level, could unfold. The Relative Strength Index (RSI) is at 62, clearly indicating a buying advantage, and the MACD also distinctly forms green bars with a bullish crossover, reinforcing a rosy outlook. On the other hand, if it falls below the 50-day EMA of $0.0000037 due to selling pressure, there is a persistent risk of dropping to the low of $0.0000033 recorded on April 7.

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