The meme coin market is facing heavy selling pressure this week as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all show bearish signals. Technical indicators and trader positioning suggest more downside risk ahead.
๐น Bearish Bets Rising
CoinGlass data shows more traders are betting against meme coins.
In the last 24 hours, 55% of DOGE trades and 57% of SHIB trades were shorts.
This means most traders expect further losses.
๐ถ Dogecoin (DOGE)
DOGE is down 2% today, extending Mondayโs 5% drop.
Price is near the 50-day EMA ($0.2163).
If it falls below, DOGE could slide to $0.2100 (200-day EMA).
If buyers step in, DOGE might bounce back to $0.2407.
MACD flashed a sell signal, and RSI is down to 43, showing weakening momentum.
๐ Shiba Inu (SHIB)
SHIB is forming a triangle pattern but looks weak.
A close below $0.00001244 could trigger a fall toward $0.00001166.
If buyers hold, SHIB might bounce back to the 50-day EMA at $0.00001304.
Like DOGE, SHIBโs MACD also flashed a sell signal.
๐ธ Pepe (PEPE)
PEPE is down 1% today, adding to Mondayโs 3.96% drop.
The chart shows risk of a triangle breakdown.
A close below $0.00001000 could push PEPE to $0.00000986.
To turn bullish again, PEPE must reclaim the 200-day EMA near $0.00001120.
๐ Summary
Meme coins are under bearish pressure, with short traders dominating and technical charts flashing more downside. Unless strong buying returns soon, DOGE, SHIB, and PEPE could see further declines.