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The once vibrant meme coins market has been reeling from significant selling pressure that has driven popular coins like Dogecoin and PEPE to their lowest prices in months. At press time, for example, Pepe Coin was down 15% in a week while Dogecoin had dropped by about 2%. However, while previously popular meme coins dropped, a new meme coin by the name of Shiba Memu, which leverages artificial Intelligence to market itself is attracting crypto investors in droves. The Shiba Memu presale, which is currently ongoing, has already hit $2.85 million less than two months since it began, showing how confident investors are about the meme coin project.

Interestingly, the price of SHMU, Shiba Memu’s native token, changes upward every few hours, something that is most likely the most prominent proposition for investors.

Pepe Coin’s journey has taken a downturn after its initial explosive price surge following its April launch. Over the past month, Pepe Coin has shed more than 50% of its previous gains, and in the last seven days alone, it has seen a nearly 15% decline in its price.

Many suspect that a scandal involving its development team is the primary driver behind this price decline. However, the situation may shift, thanks to positive prospects in the broader market, especially with the anticipation of Bitcoin ETF approval, which could trigger another bullish phase.

Furthermore, there is a glimmer of hope for PEPE today as it experiences a slight uptick, trading at $0.000000675, with a modest 1% price increase as of 8:50 AM EST on September 14.

The Pepe Coin market has long been dominated by bearish sentiment, as the token continued its decline in recent weeks. Notably, a tweet by Lookonchain on September 11, 2023, highlighted a significant shift in investor sentiment away from PEPE.

We noticed that 3 wallets changed their $PEPE positions to $PNDC today.

They sold a total of 1.38T $PEPE for 600 $ETH($965K) and spent 600 $ETH to buy 487B $PNDC.

Address:https://t.co/tPT0P3KvOghttps://t.co/nKOS9H3tbGhttps://t.co/EzkRW2BuPt pic.twitter.com/f7rUHZY2jx

While PEPE’s price is affected by the overall market trend, its inability to shift to a bullish trajectory is also linked to ecosystem scandals, prompting widespread selling among token holders. Over the past 24 hours, PEPE’s trading volume has plunged by 32%, indicating a substantial decline in trading activity.

This could signify two possibilities: either buyers are hesitant to acquire more tokens, or sellers have temporarily paused their selling activities while awaiting the next market move. In either case, the following technical analysis suggests that PEPE might still see a bullish reversal in the days to come.

The selling pressure in the PEPE market appears to be diminishing, as the token’s price movements have remained relatively stable over the past three days following a prolonged downtrend. While this pattern does not definitively predict PEPE’s next move, certain indicators suggest that a bullish reversal could be on the horizon.

The Relative Strength Index (RSI) stands at 25, signalling that PEPE is in the oversold territory. This current position presents an enticing entry point for those interested in buying the dip in preparation for a potential rally.

Hence, if more investors seize this price level as an opportunity, PEPE could experience upward pressure, setting the stage for further gains in the days ahead. Additionally, the MACD line is also showing signs of attempting to cross above the signal line, indicating the potential for buyers to take charge of the market once again.

The price of Dogecoin is currently caught in a downtrend, eroding previous gains and losing the initial momentum it had gained. It faced rejection near the trend line around $0.08300, which resulted in a gradual loss of value over recent sessions. Despite attempts by buyers to stage a pullback, strong selling pressure prevented any substantial gains, keeping the price range bound below $0.07000.

Additionally, the chart analysis reveals a breakdown of a symmetrical triangle pattern, with DOGE trading below key moving averages, signalling a weaker outlook for future sessions. If the price manages to hold near $0.06150, there might be a short covering rally towards $0.07000. However, a break lower could lead to a retest of the immediate support at $0.06000.

Dogecoin’s price is currently testing a trend line and maintaining support around $0.06100. The price action suggests a build-up of short positions and hints at a volatile chart pattern, with the likelihood of further selling pressure in the upcoming sessions.

As of the latest update, DOGE is trading at $0.06154, showing a minor intraday gain of 0.15%, indicating a neutral stance in the charts. Trading volume has increased by 2.67% to $238.05 million. Analysts are maintaining a neutral rating, anticipating continued volatility in the coming sessions.

On the daily charts, DOGE is trading below the 20-day Exponential Moving Average (EMA), reflecting a bearish chart pattern. The chart structure suggests a bearish trajectory, with recent selling pressure causing DOGE to slip below the 38.2% Fibonacci level. It is approaching the lower Bollinger Band, indicating seller dominance and the potential for further declines in upcoming sessions.

The chart structure indicates a potential further decline towards the demand zone near $0.05500 in the next session. The Relative Strength Index (RSI) shows a near-neutral reading with a bearish divergence, indicating potential further declines. Meanwhile, the MACD indicator has displayed a bullish crossover and green bars on the histogram, suggesting a neutral outlook on the charts.

The post Price prediction: Pepe coin, Dogecoin, Shiba Memu appeared first on Invezz.

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