"Following Dogecoin, it explodes"...The top 3 meme coins, a simultaneous rally

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

As investor sentiment in the meme coin market revives, Dogecoin, Shiba Inu, and Pepe are simultaneously showing strong bullish trends. Dogecoin (Dogecoin, DOGE) took the lead with a weekly gain of over 6%, Shiba Inu (Shiba Inu, SHIB) broke above its box range, and Pepe (PEPE) maintained an upward structure above its key moving average.

FXStreet reported on May 6 that Dogecoin, Shiba Inu, and Pepe continued their upward trend this week, supported by improved market sentiment across meme coins. Dogecoin led the upward trend, rising above $0.115, while Shiba Inu broke out of its consolidation range, increasing the possibility of a further rally. Pepe maintained a bullish structure above key technical support levels.

Dogecoin traded above $0.115 on Wednesday, rising more than 6% this week. The fact that it remains above the 50-day exponential moving average (EMA) of $0.100 and the 100-day EMA of $0.105 was also presented as a positive sign. If the upward momentum continues, it could rise to the weekly resistance level of $0.119. The daily Relative Strength Index (RSI) is 80, exceeding the overbought criteria and pointing upwards, and the daily Moving Average Convergence Divergence (MACD) also supported a positive outlook with an expansion of green histograms. Conversely, if a correction occurs, it could fall to the 100-day EMA of $0.105.

Shiba Inu continued its upward trend after confirming support near the 50-day exponential moving average (EMA) of $0.0000061 on Sunday. On Tuesday, it broke through the upper end of its consolidation range at $0.0000064, and as of Wednesday, it was approaching the 200-day EMA of $0.0000064. If Shiba Inu maintains this upper level on a daily basis and closes above the 200-day EMA, it could extend its upward trend to the weekly resistance level of $0.0000068. The daily Relative Strength Index (RSI) is 63, above the neutral line of 50 and not yet in the overbought zone, and the Moving Average Convergence Divergence (MACD) also showed green histograms, supporting a bullish outlook. In case of a correction, the downside target was presented as the 50-day EMA of $0.0000061.

Pepe closed above the 100-day exponential moving average (EMA) of $0.0000040 on Tuesday and continued its upward trend above $0.0000042 on Wednesday. If the 100-day EMA holds as support, Pepe could extend its rally towards the 200-day EMA of $0.0000049, which is just below the daily resistance level of $0.0000052. The daily Relative Strength Index (RSI) is 68, approaching the overbought zone, and the Moving Average Convergence Divergence (MACD) also showed a bullish cross and expansion of green histograms. Conversely, if a rejection occurs, it could fall to the 100-day EMA of $0.0000040.

The short-term movements of Dogecoin, Shiba Inu, and Pepe depend on whether each asset defends key support levels and breaks through resistance levels. For Dogecoin, $0.119; for Shiba Inu, $0.0000068; and for Pepe, the range of $0.0000049 and $0.0000052 were presented as the next upward gates. FXStreet reported that Dogecoin is leading the rally amid improved meme coin market sentiment, while Shiba Inu and Pepe are maintaining technically bullish structures.

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