TLDR
- Dogecoin price stabilizes around $0.22 support level with potential for 17% recovery to $0.26
- Shiba Inu holds above 50-day moving average at $0.0000144 despite 74% drop in whale activity
- Pepe shows bearish divergence signals with potentia-l decline to $0.0000121 support
- SHIB trading volume remains strong at $204 million with key resistance at $0.000015
- Technical indicators suggest mixed sentiment across top three meme coins
Dogecoin price is testing a critical support level at $0.22, which coincides with its 200-day exponential moving average. The meme coin has retested this level multiple times this week, showing resilience at this key technical zone.
The 200-day EMA at $0.21 represents a crucial area where sideline investors could find buying opportunities. DOGE has stabilized around this support after several attempts to break lower.
If the 200-day EMA continues to hold, Dogecoin could extend its recovery by 17% from current levels. The next target would be the upper trendline boundary at approximately $0.26.
The Relative Strength Index on the daily chart reads 55, rebounding from the neutral level of 50. This upward movement indicates bullish momentum is gaining some traction among traders.
However, a break below the $0.21 level could spell trouble for DOGE holders. Such a move would likely trigger a decline to the next weekly support at $0.18.
Shiba Inu is currently trading at approximately $0.0000144, showing stability around its 50-day moving average. The price found support at $0.0000141 over the weekend and has been consolidating since then.
Shiba Inu Technical Outlook
The 50-day EMA coincides with daily support and a previously broken descending trendline. This confluence makes the current level particularly important for SHIB’s short-term direction.
If the 50-day EMA continues to act as support, Shiba Inu could rally 14% from current levels. The next target would be the May 14 high of $0.0000167.
Trading volume for SHIB stands at approximately $204 million over the past 24 hours. The price has fluctuated between $0.00001395 and $0.00001468 in recent sessions.
Market analysis reveals that 28.35 trillion SHIB tokens are held by 39,870 addresses within the $0.000014 to $0.000015 range. This concentration makes the current price zone particularly important for future movements.
Recent data shows a 74% drop in large transaction volumes over the past five days. Whale activity has declined by over 80% this month, suggesting reduced institutional interest.
The RSI indicator for SHIB reads 51 and points upward after flattening around the neutral level. This suggests bullish momentum is beginning to build among retail traders.
Pepe Shows Warning Signs
Pepe price faced rejection around $0.000016 last week and declined 12.19% until Sunday. The frog-themed meme coin has since recovered slightly but remains below key resistance levels.
Technical analysis reveals bearish divergence on momentum indicators for PEPE. The higher high formed on May 23 does not align with the RSI’s lower high for the same period.
The Moving Average Convergence Divergence indicator also displayed a bearish crossover. This development often signals potential selling pressure and price corrections ahead.
Current trading levels around $0.0000146 could present selling opportunities for traders. A correction could extend the decline to the next daily support at $0.0000121.
Further selling below $0.0000121 could trigger a drop to $0.0000107. This level represents the 100-day exponential moving average for Pepe.
The bearish outlook remains in place as PEPE trades below the key daily resistance at $0.000016. A close above this level would be needed to invalidate the current negative thesis.
Shiba Inu continues to attract attention from both retail and institutional investors despite the recent decline in whale activity.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
