Meme coin stands at a turning point: Will DOGE, SHIB, and PEPE break through?

Last week, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) made a mark with a strong bounce back, reaching highs on Sunday. However, as the new week begins, the upward momentum has somewhat slowed as buying power encounters key resistance levels. If these barriers can be overcome, the market could very well witness a prolonged growth cycle.

Dogecoin attempts to bounce back

Dogecoin recorded a slight decrease of 1% at the time of writing on Monday, after a strong increase of 12% last week. Starting the new week with a lackluster performance, DOGE is currently trying to break through the important resistance level at $0.17 — a price that was last tested on June 19.

If DOGE can close above this level on the daily timeframe, the bounce back momentum could be strengthened, opening up the opportunity to progress towards the psychological level of $0.20 — the highest peak of the month.

DOGE/USDT Daily Chart | Source: TradingViewTechnical signals are supporting the bulls: the MACD indicator has shown a bullish crossover as the MACD line crosses above the signal line, indicating a potential trend reversal. Additionally, the RSI is bouncing back from the oversold region and currently stands at 44, reflecting a gradual weakening of selling pressure.

However, if it cannot surpass the threshold of $0.17, DOGE risks reversing and retesting the strong support area at $0.14 — the most recent low established on June 22.

Shiba Inu loses momentum after breaking through the resistance line

Similar to DOGE, Shiba Inu (SHIB) has surged by 12% over the past week, extending its bounce back and approaching a critical resistance area at $0.00001200 — the closing price on June 5th. However, as of the time of writing, SHIB has adjusted down nearly 2%, after recording a 2.77% increase on Sunday.

Technically, SHIB has broken above the resistance line formed by the price peaks on May 12, May 23, and June 11 — a signal indicating the potential for a trend reversal. If it can maintain a closing level above $0.00001200, SHIB is likely to continue its bounce back and target the 50-day exponential moving average (EMA) at $0.00001252.

SHIB/USDT Daily Chart | Source: TradingViewThe MACD indicator also supports the bullish scenario, with green histogram bars expanding above the 0 line, indicating that bullish momentum is being reinforced. Meanwhile, the RSI has bounced back from the oversold area, currently at 45, reflecting a clear weakening of selling pressure.

However, if SHIB cannot maintain the opening price on Sunday ($0.00001155), the upward momentum after breaking through the resistance line will be negated. At that point, the price may reverse and retreat to the psychological support level at $0.00001000.

Pepe struggles to break through the resistance line

Pepe has slightly adjusted by 2% at the time of writing, after the buying force cooled off following a strong bounce back of 8.90% on Sunday. Although it recorded an impressive increase of 17% over the past week, this meme coin has yet to break through the important resistance level — established by the peaks on May 23 and June 10.

If PEPE can decisively break through this trend line, it is highly likely to open up a test of the price zone $0.00001196 — corresponding to the bottom formed on May 17.

PEPE/USDT daily chart | Source: TradingViewTechnically, the MACD indicator has signaled a reversal when the MACD line crossed above the signal line on Sunday, indicating that an upward momentum is forming. The RSI is currently at 46 and is gradually approaching the neutral zone, reflecting a weakening of selling pressure and a tug-of-war sentiment in the market.

However, if the session closes in red, PEPE risks revisiting the support level of $0.00000900 — a threshold that was last tested on Friday last week.

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