Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) meme coins are trading lower on Tuesday as bullish momentum fades following last week’s rally. DOGE retreats after failing to overcome a resistance level, while SHIB remains capped below a descending trendline. Meanwhile, PEPE is pulling back as traders lock in profits following its double-digit gains last week.
Dogecoin extends losses after rejecting key resistance
Dogecoin price extends its correction, trading below $0.0745 on Tuesday after facing rejection at the weekly resistance level of $0.0782 and losing 1.5% in the previous day.
If DOGE continues its correction, it could extend the losses toward the yearly low of $0.0695.
The Relative Strength Index (RSI) on the daily chart reads 35, pointing to oversold territory and indicating bearish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on July 3 that remains intact, supporting a positive outlook.
However, if DOGE recovers, it could extend the advance toward the weekly resistance at $0.0782.
Shiba Inu fails to close above the descending trendline
Shiba Inu price recovered over 6% in the previous week and retested the descending trendline near $0.0000045, which roughly coincides with the daily resistance level. On Sunday, SHIB failed to close above this resistance zone and then declined by more than 3% over the next two days, trading below $0.0000043 on Tuesday.
If SHIB continues its correction, it could extend the losses toward the yearly low of $0.0000040.
Like DOGE, SHIB’s RSI and MACD indicators send mixed signals. The RSI remains below the neutral level, indicating bearish momentum; the MACD continues to flash a bullish crossover, hinting at improving underlying momentum.
On the other hand, if SHIB recovers, it could extend the advance toward the daily resistance at $0.0000045.
Pepe takes a breather after massive gains
Pepe price rose over 16% in the previous week. Such a massive rally generally triggers profit-taking among traders, causing the meme coin to pull back. As of Monday, the start of this week, PEPE experienced a slight correction and continues its pullback on Tuesday.
If PEPE continues its pullback, it will extend the decline toward the daily support at $0.0000025, which roughly coincides with the trendline support.
The RSI reads 47, slipping below the neutral 50 level, indicating fading bullish momentum. The MACD showed a bullish crossover on July 3, which remains intact, supporting a positive outlook.
On the other hand, if PEPE recovers, it could extend the advance toward the 50-day Exponential Moving Average (EMA) at $0.0000029.
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