Analysis of Decline in Meme Coin Prices

Meme coins, along with the broader crypto market, have witnessed a downtrend recently. Major meme coins such as Dogecoin (DOGE), Pepe Coin (PEPE), and Shiba Inu (SHIB) are currently facing a downturn. Over the last 24 hours, these coins have seen declines of 5%, 9%, and 5% respectively. Additionally, other meme coins like BONK and BOME are also displaying diminishing values.

Dogecoin (DOGE)

Dogecoin (DOGE) has been failing to sustain its price levels. In mid-June, it dropped below the crucial $0.12 support and underwent a consolidation phase for approximately 2 weeks before further descent.

Fresh Meme Coin Emerges as Potential Contender Eyeing the Status of Top Coins

Milei Moneda is a new meme coin modeled after the political and economic ideologies of Javier Milei, an Argentine president known for his libertarian beliefs and strong support for Bitcoin. Investors have the opportunity to engage at an early stage with the ongoing low presale price.

After breaching the $0.118 support, the DOGE price plunged by more than 20% to hit $0.09, marking a key support level. The current price behavior suggests a robust support zone, as indicated by sideways movement seen between December and February.

There may be a consolidation phase within this range before a likely further decline. If the support holds, a potential reversal or an extended accumulation phase could precede a bullish upturn.

Pepe Coin (PEPE)

Pepe Coin (PEPE) is currently breaking out of a head and shoulder pattern. Signs point to the imminent formation of the right shoulder, indicating a continuation of trading in the range of $0.000009 to $0.0000049 for this Ethereum token.

A violation of the shoulder level in the developing head and shoulder pattern could trigger a significant price drop to $0.0000018.

Shiba Inu (SHIB)

Shiba Inu (SHIB) has mirrored the price movements of other meme coins by breaching multiple support levels at $0.0000198, $0.0000181, and $0.0000168.

Currently, the price is poised to breach $0.0000141. If successful, a further 16% decline to 0.0000116 is likely.

The recent dip in meme coin prices, encompassing DOGE, PEPE, and SHIB, underscores the volatility of the cryptocurrency landscape. Investors are advised to remain vigilant and proceed with caution in navigating these uncertain markets.