 ▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE)/ChatGPT-generated image © |
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are each showing fragile movements at key support levels, deepening bearish signals across the broader meme coin sector.
According to investment media outlet FXStreet on March 2 (local time), as escalating military tensions in the Middle East continue to drive a broader risk-off sentiment across markets, meme coins have extended last week’s losses and are fluctuating around major support zones. While technical indicators leave room for a short-term rebound, the overall trend still suggests prevailing downward pressure.
Dogecoin is currently trading at around $0.093. The price remains below the $0.108–$0.125 range where the 50-day and 100-day exponential moving averages (EMAs) converge, maintaining the mid-term downtrend. The daily Relative Strength Index (RSI) has rebounded from oversold territory but remains in the low 40s, indicating limited momentum. The Moving Average Convergence Divergence (MACD) is hovering slightly above the signal line near the zero line, suggesting room for a technical bounce but not enough to confirm a trend reversal. The key short-term support lies at $0.091; if this level breaks, a retest of the $0.080 low is being discussed. Conversely, a clear breakout above $0.103 would open the door for further gains toward $0.109.
Shiba Inu was rejected at the weekly resistance level of $0.0000068 in mid-February and has fallen more than 22% over the past two weeks, currently trading at approximately $0.0000056. If the decline continues, the February 6 low of $0.0000050 serves as the next support level. The daily RSI stands at 37, strengthening bearish momentum below the neutral 50 line, while the MACD recently formed a bearish crossover, supporting the likelihood of further correction. However, in the event of a rebound, reclaiming the $0.0000067 resistance will be critical.
Pepe confirmed resistance at its 50-day EMA of $0.0000043 and has dropped more than 15% over the past week, now trading around $0.0000034. In the event of additional correction, the February 6 low of $0.0000031 is suggested as the next downside target. Both the RSI and MACD are signaling bearish momentum, placing greater weight on downside risks rather than a short-term rebound. Even if a recovery occurs, selling pressure may persist until the price reclaims $0.0000043.
FXStreet assessed that while meme coins are collectively seeking direction near major support levels, a sustained bullish trend reversal is unlikely unless geopolitical risks stemming from the Middle East and the broader risk-averse sentiment ease. Whether these support levels hold will serve as a key turning point for short-term price action.
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