Dogecoin, Shiba Inu, Pepe Catch Their Breath... Will Meme Coins Surge Again?

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

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have all entered a period of consolidation in front of key resistance levels after a near double-digit rebound last week. While all three meme coins are holding above their long-term moving averages, their upward momentum has weakened. The ability to break past $0.1000 for Dogecoin, $0.00000613 for Shiba Inu, and $0.00000502 for Pepe has emerged as the key to further gains.

According to investment media FXStreet on September 28 (local time), Dogecoin rose 11% last week and is now trading around $0.0950, failing to breach the psychological resistance of $0.1000. However, Dogecoin-related ETFs saw a net inflow of $2.89 million last week, marking the largest weekly net inflow since their launch. The price also remains above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) of $0.0862, $0.0849, and $0.0933, maintaining a short-term bullish structure. While a recovery to $0.1000 could lead to a rise to $0.1161, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) at 57 indicate weakening upward momentum.

Shiba Inu rose 8% last week but has since slipped below $0.00000600, correcting towards the 200-day EMA at $0.00000564. The recent rebound was capped at the 78.6% Fibonacci Retracement level of $0.00000613, based on the decline from $0.00000670 to $0.00000405. The RSI also dropped to 57, indicating a slowdown in buying pressure. To continue its upward trend, Shiba Inu must definitively break $0.00000613; if successful, the previous high of $0.00000670 is suggested as the next target. Conversely, if it closes below $0.00000564, further correction to $0.00000538 becomes possible.

Pepe rebounded 9% last week but is showing weakness above $0.00000400, failing to cross the $0.00000500 resistance level. The 127.2% Fibonacci Extension level of $0.00000502, based on the movement from $0.00000456 to $0.00000320, is also acting as a resistance limiting its ascent. A breakthrough above this price level could lead to a rise to the 161.8% extension level of $0.00000567. The RSI has fallen to 57, indicating weakened upward momentum.

In case of a decline, Pepe's first support level is around $0.00000420, near the trendline it previously broke. If this price level breaks, the upward trend following the recent trendline breakout will weaken, potentially leading to a correction towards the 200-day EMA at $0.00000370 and the 50-day EMA at $0.00000371. Both moving averages are currently nearing a Golden Cross formation.

FXStreet analyzed that while all three meme coins are trading above their long-term moving averages, their upward momentum is slowing, leading to mixed technical signals. For Dogecoin, the ability to break $0.1000 amidst institutional fund inflows, for Shiba Inu the $0.00000613 resistance, and for Pepe the ability to break $0.00000502 were identified as key price levels that will determine further gains.

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