Meme Coin Market Cooling Off as Profit-Taking Takes Hold
The meme coin market is showing signs of cooling off after last week's double-digit gains. Dogecoin (DOGE) remains capped below $0.10, trading around $0.0860 at press time on Wednesday.
A breakout above the 200-day Exponential Moving Average (EMA) at $0.0956 and $0.1000 could reinstate DOGE's upward trend, potentially targeting the $0.1161 supply zone.
Shiba Inu (SHIB), however, holds a key support level, with its price edging higher on Wednesday after two consecutive days of losses. The 78.6% Fibonacci retracement of SHIB's downswing at $0.00000602 capped last week's rally, resulting in a pullback to the 50% retracement at $0.00000521.
Pepe (PEPE) remains capped under a long-term resistance trendline connecting its highs from July and September of last year, near $0.00000456. A potential breakout above this trendline could target the November 4 low at $0.00000521.