The leading memecoins, Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, seem to be running out of momentum after a major rally earlier this month. Moreover, the wider crypto market is calming down a little, and so are these previously white-hot tokens, which have started to display some strength already.
On one hand, there are some technical indicators which go ahead to point out a possible source of support, on the other hand, there are some other indicators which also indicate a deeper consolidation that may be in the funnel.
Now, let us review how each memecoin has held up its value and determine whether they possess the power to execute a price rally in the coming days.
Dogecoin Holds Ground, But Bulls Are Fading
Dogecoin is in the process of consolidation just below its new local high and is trading at approximately $0.219 on 31st July. The DOGE price was unable to break past the resistance at the level of $0.275, resulting in it trading in the middle and lower levels of the Bollinger Bands at the time of writing.
The volume indicator has begun to decline and there is a possible absence of purchasing success considering the present market sentiment. Moreover, the Relative Strength Index (RSI) is at a neutral position of 50.51 and it is on a decline after being at an overbought position of above 65 during mid-July. This is an indication of faded bullish power.
At the moment, the price is close to the major psychological mark of $0.20. In case this support cracks, the DOGE memecoin may continue pushing down to hit levels of $0.183 or even $0.15 in the next sessions.
SHIB Price Prediction: Technical Sentiments Turns Bearish
There are more evident signs of a retracement in the SHIB price chart in the daily time frame. Trading at a price of $0.00001295, it has fallen off the recent high price of $0.00001560 and is now fighting the $0.00001320 which happens to be its key support.
The Moving Average Convergence Divergence (MACD) crossover is one of the red flags since it has crossed below the signal line, indicating a bearish momentum as of today. This also brings downside pressure along with low volume for the meme crypto.
If the SHIB meme coin falls beneath the support level of the $0.00001300 mark, it could retest $0.00001050, and its lower support level at the $0.00000925. To get back in control, Shiba Inu will need to break above $0.00001560 on heavy volume, which, at least at the moment, will prove to be a tall order.
PEPE Tests Its Critical Demand Zone
The meme-coin formerly favored by speculative traders, PEPE, is hovering close to a critical support trendline. It is already trading at a price of $0.00001136 in a horizontal pattern formation of between $0.00001100 and $0.00001210 which had been strong resistance before it doubled off as support.
The BBP (Bull Bear Power) is showing a value in the red, and its bearish divergence suggests that more downside has to be anticipated in the near future. The supply has been reduced drastically and once the price drops below the $0.00001100 level, it might break and face the falls towards $0.00000900 or even $0.00000800.
If PEPE price finds strength and does not lose the support, then the token can stage a comeback towards the $0.00001510 mark shortly. In the meantime, a recovery is possible only at a time when the outlook of the wider market turns out to be more positive.
Also Read: Fold Launches Bitcoin Gift Card Across 400K+ Retail Locations
