Meme Coin Market Hits Crucial Test as DOGE, SHIB, PEPE Weaken

The meme coin market is facing a crucial test as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) struggle to maintain their momentum. Despite recent rallies, the currencies are showing weakening buying pressure according to CryptoRank. To regain strength, DOGE needs to reclaim $9.80, while SHIB must defend its support zone between $0.000005545-$0.000005635.

Meanwhile, PEPE remains bullish above $0.000004283, but faces a key hurdle at $0.000004761. The currencies' daily structures are constructive, with DOGE trading above major moving averages and SHIB holding important Fibonacci levels.

The market is at a crossroads between renewed breakouts or deeper retracements. Traders must carefully observe these support/resistance levels for short-term token performance and broader crypto market impact.