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• Dogecoin's decline expanded below $0.20, with RSI showing a low possibility of recovery.
• As selling pressure increases, Shiba Inu's stock price hits a monthly new low.
• Pepe's market value dropped below $5 billion, with market price falling below the 200-day EMA, thus weakening its stock price.

With the intensification of market sell-off, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all experienced declines. As market supply increased, the market value of these meme coins dropped by nearly 10% during the same period. Against the backdrop of high market risk aversion, technical prospects suggest that Dogecoin, Shiba Inu, and Pepe may experience continued sharp declines.

Dogecoin Faces Risk of Extended Adjustment Period

Dogecoin is the leader in the meme coin field, with a market value of $26 billion, declining nearly 9% in the past 24 hours. Despite a slight recovery earlier this week, Dogecoin failed to break through the 50-day exponential moving average of $0.1976, leading to a continuous three-day plunge, dropping over 15% from the high of $0.2067.

At the time of writing, Dogecoin was trading at $0.1738, with three consecutive bearish K-lines, with the lowest daily price at $0.1698. If Dogecoin continues its downward trend, it may test the support level of $0.1624 (the low point of volatility on May 6), creating a new monthly low.

The Moving Average Convergence Divergence (MACD) indicator continued its downward trend after the signal line reversal. A new bearish histogram below the zero line suggests the continuation of the downward trend.

The Relative Strength Index (RSI) is at 37, reflecting a sudden weakening of bullish momentum. Notably, the RSI suggests that if Dogecoin reverses to form a Double Botto pattern, it may form a higher low point, potentially leading to a bullish divergence.

However, if Dogecoin closes below $0.1642, it may negate the reversal caused by the RSI divergence. In this case, sellers might see this meme coin retest the $0.1422 level from April 8.

Conversely, Dogecoin's reversal from $0.1642 may retest the 50-day EMA at $0.1976.

Shiba Inu Shows Sharp Declining Trend

Shiba Inu (SHIB) continued its bearish reversal trend after breaking through the key long-term resistance trend line on December 8, May 10, and May 22. At the time of writing, SHIB dropped 4% that day, hitting a 30-day low of $0.00001138.

The momentum indicator is similar to the market leader's trend, with the MACD indicator continuing its downward trend and reversing from the signal line. A bearish histogram rising above the zero line issued a sell signal.

Furthermore, the RSI indicator plummeted from the midline, indicating a surge in bearish momentum.

If the daily closing price falls below $0.00001150 (last tested on April 16), it may continue to decline to $0.00001029, the lowest trading price so far this year.

However, a potential reversal must exceed the 50-day EMA of $0.00001347, close to the resistance trend line to restore a bullish trend.

Pepe Faces Risk of Crucial Psychological Support Collapse

Pepe weakened for three consecutive days, dropping over 20% from the weekly high of $0.00001362. It broke through the 200-day moving average and may fall below the $0.00001037 level, which is the lowest trading price in June.

The closing price may fall below $0.00001037, potentially breaking through the psychological level of $0.00001000, meaning it may decline to the support level of $0.00000900, last tested on April 26.

The MACD indicator fell below the zero axis, with new bearish bars appearing, indicating that the downward trend momentum is increasing. The RSI indicator further rose to 41, moving towards the oversold area, consistent with the bearish outlook.

However, a potential bullish reversal starting from $0.00001000 may test the 50-day EMA at $0.00001153.