DogeCoin, Shiba Inu, and Pepe, three of the top meme coins, are sending mixed signals on the overall health of the cryptocurrency market. After crashing hard this year, dogecoin (DOGE) and shiba inu (SHIB) are on the rebound. At the same time, memecoin darling Pepe (PEPE) can’t catch a break as the losses pile up. More recent market analysis indicates that both DOGE and SHIB are starting to level out. Meanwhile, PEPE is struggling to defend its important support levels. Investors are conflicted to see where these trends will lead and how they will affect future developments in the ever-changing meme coin landscape.

Dogecoin (DOGE) Attempts Recovery After Two-Month Low

Dogecoin (DOGE) is recovering sharply after a rough stretch. Though it dropped to a two month low during the recent October market crash, it’s beginning to show signs of a global equities recovery. DOGE price started a sharp decline below the $0.00000900 support zone, erasing all the early May gains completely. Today, it’s intensely focused on bouncing back and recapturing what’s been lost. At the time of writing, DOGE was trading hands at about 2% higher. It’s up more than 0.50% as profit taking pressure eases for the time being.

The daily RSI has tanked deep into the oversold territory at 28. This decrease bears witness to extreme selling pressure on the market. Previous oversold condition like this have always come before a price reversal in the bullish direction. A strong reversal, marked by a daily close above $0.00001150, could undermine the recent crash and potentially extend the uptrend toward the $0.00001337 monthly high.

As it stands, DOGE has closed bearish the last five weeks consecutively. Last week, its weekly return was down 13.81%, showing the continued bearish sentiment present in the futures market. The tug-of-war between buyers and sellers at this key level will probably set the short-term direction of Dogecoin. Traders are reading these indicators with an eagle eye. From federal lawmakers to urban planners, they all want to know whether this nascent recovery is sustainable or if further drops are in the offing.

Shiba Inu (SHIB) Holds at Psychological Support Level

Shiba Inu (SHIB) is starting to find its footing. It has increased by under 1% but has remained steady above the $0.000010 psychological support level, rebounding after four straight red candles last week. This level is extremely important for SHIB, as it has held on since late February 2024. Because of the importance of this psychological support, a closing below $0.000010 could signal a major price drop.

SHIB just set its highest year-to-date price, hitting $0.00001004 on Sunday. SHIB’s capacity to maintain above this line suggests some fundamental buying interest and recommends potential for a rebound. Investors are keenly observing whether SHIB can maintain this support and initiate a recovery or if it will succumb to further selling pressure.

The next few days will be key for SHIB. It will either establish a good foundation here and begin a new uptrend or break down and retest lower levels of support. SHIB’s profound stability at this stage offers an important bull-bear line of demarcation traders should strongly contemplate.

Pepe (PEPE) Faces Downward Pressure and Key Support Test

Pepe (PEPE) find itself facing severe downward pressure. Yet it slid even lower on Monday, erasing all of May’s early-month gains and plunging through a key support range. With PEPE’s RSI sitting at 28, the token is in heavily oversold territory as sellers take control over the trend. That said, at the time of writing, PEPE is already down by over -0.50%. This loss now is on top of a large 14% retreat during the past four down days.

PEPE has reached its lowest monthly price hitting just $0.00000830 last week. Given the bearish divergence, this decline increases the likelihood of retesting the $0.00000794 area, which is the lowest daily close seen in May. An effective reclaim of the $0.00000830 support-turned-resistance area would likely extend an uptrend to the $0.000010 psychological level. Despite this momentum, PEPE faces continued resistance that the current momentum may not be able to overcome.

The MACD indicator for PEPE indicates signals similar to those seen on DOGE and SHIB. As it falls deeper into the red (negative territory), it’s painting a bullish picture of increasing selling momentum. This bearish signal adds considerable downward pressure on PEPE, showing a strong potential for continued declines. Whether or not PEPE can gain support and turn this trend around will be key in deciding its short-term prospects.