Meme cryptocurrencies, particularly Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI) and Memecoin (MEME), have faced challenges and demonstrated weakness in the market. Since the beginning of November, the prices of these meme assets have declined, emphasizing the difficulties they face in the current situation. For example, the value of DOGE has fallen by 3.70% over the past 30 days, reflecting the instability in this segment of the crypto market.
Similarly, the prices of other meme cryptocurrencies such as MEME, FLOKI, SHIB and PEPE have also shown a negative trend over the same period. SHIB, for example, recorded a 7-day decline of 4%, while PEPE fell by 5.14%. FLOKI showed an even more significant decline of 17.32%, while MEME lost 1.23% of its value.
These negative trends stand in contrast to the results of October, when most meme cryptocurrencies experienced significant growth. However, despite the short-term decline, technical analysts indicate that this is not necessarily a cause for concern.
Dogecoin (DOGE), which is the leader of meme cryptocurrencies, has faced selling pressure since early November. In its attempts to reach $0.08, DOGE has been unable to hold on to that level, and its price is currently at $0.077. If the selling pressure continues, DOGE could experience additional declines. However, support at $0.075 could prevent a collapse, giving it a chance to recover.
The technical Relative Strength Indicator (RSI) for DOGE is 47.32 at the time of writing, indicating a bearish trend. However, if the bulls show interest to increase buy orders around $0.075, DOGE could not only retest the $0.08 mark, but also have the potential to go as high as $0.09.
Shiba Inu (SHIB) showed positive results in network activity, but its price still declined. Analysis of the SHIB/USD chart showed that EMA 9 trended above EMA 20, which could indicate a bearish direction. Traders may want to consider short positions if the price drops to $0.0000080.
Floki (FLOKI) also faced poor results, but on the 4-hour chart of FLOKI/USD, sellers may be getting fatigued. The widening Bollinger Bands could indicate possible volatility, and the lower band touching the $0.000030 level indicates overbought conditions. This could set the stage for a rebound, especially if the moving average indicator (MACD) turns positive.
Pepe (PEPE) has entered the top 100 cryptocurrencies by market capitalization, but the price has been unable to reverse the negative trend. PEPE's trading volume is declining, which, combined with decreasing price pressure, could be a sign of weakness. Potentially, if demand increases, the price of PEPE could rise and traders could consider entries around $0.000001 given the Fibonacci retracement levels.
Memecoin (MEME), backed by Binance Labs, has also faced challenges. Since its launch in October, MEME has shown growth, reaching an all-time high of $0.039. However, according to the analysis of the 1-hour chart, sellers seem to be in control and MEME may continue to decline. It is important to keep an eye on indicators such as Aroon Up and Aroon Down to see if sellers will remain in control or if the market will be in the hands of buyers.
In conclusion, meme cryptocurrencies meet challenges in the form of negative trends and price declines. Technical analyses can warn of possible risks, and traders should assess the situation before deciding to enter or exit positions in this exciting but highly volatile segment of the crypto market.