DOGE, SHIB, and PEPE face strong selling pressure, prices continue to plunge

Meme coins continue to sink under heavy selling pressure at the time of writing on Friday, as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) extend their correction streak, losing nearly 8% over the past week. Weakness signals from momentum indicators suggest market sentiment is becoming fragile, raising concerns about the potential for a deeper correction in the near future.

Dogecoin Closes Below Key Support Zone

Dogecoin’s price was rejected at the key resistance area of $0.181 on 11/11, leading to a drop of over 17% in the following 10 days and breaking the daily support zone at $0.149. As of Friday’s writing, DOGE is hovering around $0.146.

If selling pressure persists, DOGE could extend its correction and retreat to the low set on 4/7 at $0.129.

BiDOGE/USDT daily chart | Source: TradingView On the daily timeframe, the RSI indicator is at 34—significantly lower than the neutral 50—indicating that bearish momentum is dominant. Additionally, the MACD formed a bearish crossover last week and continues to hold, reinforcing the downtrend signal.

Conversely, in a recovery scenario, DOGE could retest the weekly resistance zone at $0.181.

Shiba Inu Price Shows Bearish Signals via Momentum Indicators

Shiba Inu’s price was rejected at the 50% Fib retracement level around $0.0000099 on 11/13, before dropping nearly 13% as of Thursday. By the time of writing on Friday, SHIB is trading around $0.0000081.

BiSHIB/USDT daily chart | Source: TradingView If the downtrend continues, SHIB could slip to the low set on 11/21/2023 at $0.0000076. Similar to Dogecoin, technical indicators such as RSI and MACD are both pointing toward a bearish trend.

Conversely, if the bulls regain control, SHIB could recover and move up to retest the key resistance area at $0.0000099.

Pepe May Extend Deep Correction If It Closes Below Lower Trendline

Pepe’s price was rejected at the upper trendline on 11/11, leading to a decline of over 31% in the next 10 days. As of Friday’s writing, PEPE is still hovering near the lower trendline, indicating that selling pressure remains high.

If PEPE closes below the lower trendline around $0.0000041 on the daily chart, the downtrend could continue, sending the price back to the 10/10 low at $0.0000027.

BiPEPE/USDT daily chart | Source: TradingView Similar to Dogecoin and Shiba Inu, Pepe’s technical indicators such as RSI and MACD are showing weakness, reinforcing the bearish outlook.

On the other hand, if the bulls regain control, PEPE could recover and target the next resistance zone at $0.0000065.

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