Popular meme coin price prediction: Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE coin face further fall risk.

Gate news, as risk aversion sweeps the Crypto Assets market, the prices of meme coins such as DOGE, Shiba Inu (SHIB), and PEPE have experienced a big dump. DOGE and SHIB have reached new fluctuation lows, while PEPE has fallen below a key support level. As selling pressure intensifies, these sector leaders face the risk of further declines.

DOGE faces long-term correction risks below $0.15

FXStreet analyst Vishal Dixit stated that DOGE has closed down for the fifth consecutive week, dropping 13.81% last week. As of the time of writing, DOGE rose slightly over 0.50% on Monday due to a temporary easing of selling pressure.

On Sunday, the trading price of DOGE fell to the lowest point in two months, with a 24-hour low of $0.1427, and then rebounded to a closing price of $0.1512. As the downward trend intensified, DOGE faced pressure at the support level of $0.1428, which was the low point on March 11. A closing price below $0.1428 could continue the downward trend of DOGE, falling towards the year's low of $0.1298.

The Moving Average Convergence Divergence (MACD) indicator is declining towards the negative direction along its signal line, indicating an enhancement of bearish momentum. The Relative Strength Index (RSI) is at 28, entering the oversold territory, suggesting strong selling pressure. However, the oversold condition also harbors the possibility of a reversal, meaning that if the market's dumping heat cools down, a rebound in the stock market may occur.

If DOGE closes above $0.1710, it may reverse the downtrend and target the psychological level of $0.20.

(Source: FXStreet)

SHIB is at risk of losing its psychological support level

SHIB rose slightly by less than 1%, maintaining the psychological support level of $0.000010 after four consecutive bearish candlesticks last week. However, the SHIB price fell to a 24-hour low of $0.00001004 on Sunday, marking the lowest level this year.

The closing price breaking below the $0.000010 integer mark could trigger a big dump in Shiba Inu prices, as this psychological level has remained unchanged since late February 2024. In this case, SHIB may continue its downtrend to the January 2024 lowest daily closing price of $0.00000883.

The MACD indicator further dips into the negative zone, with its signal line suggesting an increase in selling pressure. The RSI is at 28, indicating that the market is in an oversold state, with sellers dominating the trend, while weak signals suggest a possible reversal may be forthcoming.

The reversal pushes the daily closing price to break through $0.00001150, which will weaken the weekend's big dump and may extend the upward trend to the monthly high of $0.00001337.

(Source: FXStreet)

PEPE failed to hold the key demand zone

As of the time of writing on Monday, the price of PEPE has fallen by over 0.50%, continuing the 14% pullback trend over the past four bearish days. The PEPE coin has broken below the support level of $0.00000900, erasing most of the gains made in early May.

Last week, the PEPE price hit a low of $0.00000830, marking the lowest monthly price, which intensified the risk of retesting the lowest daily closing price level of $0.00000794 from May.

The MACD indicator has issued signals similar to the other two meme coins, further dropping into the negative territory, indicating strong selling momentum. The RSI indicator is hovering around 31, having quickly reversed from the mid-level, and is positioned above the oversold boundary, indicating strong bearish momentum.

However, if PEPE regains the support level of $0.00000830 and turns it into a resistance level area, it may extend the upward trend to the integer level of $0.000010, becoming a key psychological level.

(Source: FXStreet)