Meme Coin Market Loses Momentum as Dogecoin and Pepe Decline
The meme coin market has seen its momentum slow down after last week's significant gains. Dogecoin (DOGE) and Pepe (PEPE) are showing signs of a potential decline, while Shiba Inu (SHIB) holds steady above a key psychological support.
According to the latest price action, DOGE is trading around $0.0860, reflecting a pullback phase after capping near the $0.1000 psychological level last week. The asset remains below its 200-day Exponential Moving Average (EMA) at $0.0956 and faces initial support at the February 6 low of $0.0800.
Shiba Inu, on the other hand, has recovered after two consecutive days of losses and holds above a key support level. Its 78.6% Fibonacci retracement of the downswing at $0.00000602 capped last week's rally, resulting in a pullback to the 50% retracement at $0.00000521.
Pepe faces downside pressure after its 5% decline and remains capped below a long-term resistance trendline connecting the highs of July 22 and September 13. A potential breakout above this trendline could target the November 4 low at $0.00000521, followed by the October 20 high at $0.00000732.