As Bitcoin inches closer to its all-time high, the excitement is spilling over to the top meme coins โ Dogecoin ($DOGE ), Shiba Inu ($SHIB ), and $PEPE . Tuesday saw Bitcoin peak at $73,620, igniting a surge in these meme coins. However, by Wednesday, a wave of corrections hit all three, bringing fresh market dynamics into play. Hereโs the scoop on their price action, social influence, and technical analysis.
๐ Tuesdayโs Highs and Wednesdayโs Dip
On Tuesday, Bitcoinโs climb was mirrored by DOGE, SHIB, and PEPE, who all showed gains and saw an uptick in active user addresses. The social media buzz around DOGE and SHIB exploded, with DOGE dominating X (formerly Twitter) discussions. Yet, by Wednesday, all three coins experienced corrections, suggesting a close link to Bitcoinโs movements as they chase record-breaking price levels.
๐ Technical Analysis: DOGE, SHIB, and PEPE
Dogecoin (DOGE) ๐
Price Drop: DOGE dropped 2.7% on Wednesday, ending a four-day winning streak.
RSI: Currently at 71, indicating overbought conditions and suggesting potential downward movement.
Support Level: If further decline occurs, key support sits at the Fair Value Gap (FVG) $0.16261.
Shiba Inu (SHIB) ๐ถ
Breakout Attempt: SHIB is pushing against a long-term trendline and could see an 8.8% rise if it breaches resistance at $0.00002040.
RSI: A reading of 57 hints at slight bullish momentum.
Support Level: First line of defense on a pullback is the 200-day EMA at $0.00001709.
PEPE ๐ธ
Price Movement: PEPE has been forming lower highs, trending downward but could see a 7% bump if it retests resistance at $0.00001005.
MACD: Shows signs of weakening selling pressure with fewer red histogram bars.
RSI: At 48, indicating slight indecision among traders.
Support Level: Possible support at $0.00000868, near the 200-day EMA.
๐ Social Buzz and Market Sentiment
Dogecoin stole the show on social media, with over 2,735 mentions out of 3,744 discussions on X, as PEPEโs popularity sees slight revival. While SHIB remains moderate, DOGEโs overwhelming social dominance signals strong community backing. Meme coins are undeniably still driven by both community sentiment and Bitcoinโs rollercoaster journey.
๐ก Whatโs Next?
DOGE: Traders might consider waiting for a clearer trend as DOGEโs overbought level could hint at further corrections.
SHIB: Eyes are on the breakout. If SHIB clears resistance, expect further upward movement.
PEPE: Market shows hesitation, but if PEPE clears resistance, it could reward traders with a brief rally.
๐จ Final Thoughts: Market-Moving Meme Coins!
While Bitcoinโs upward trajectory captures the main spotlight, DOGE, SHIB, and PEPE are ready to ride the wave. Key levels and technical indicators suggest that meme coin traders should be cautious but optimistic. As always, the volatile nature of these tokens calls for close monitoring.
#PEPE #SHIB #DOGE #CryptoBuzz #BitcoinBreakout 