Dogecoin price rebounded sharply after testing the lower trendline of its descending channel pattern, as visible on the 4-hour chart. The bounce occurred near the $0.31 level, coinciding with the 0.5 Fibonacci retracement line, signaling the potential for short-term relief.
The rebound has pushed DOGE/USD back above $0.32, with the next upside target likely being the channel’s upper trendline. This resistance zone aligns closely with the 50-period exponential moving average (EMA) near $0.38 and the 200-period EMA, making it a significant hurdle for the bulls.
Meanwhile, the Relative Strength Index (RSI) has bounced off oversold levels (25.88), hinting at weakening bearish momentum. The trading volume spiked at the bounce point, further supporting the case for a recovery toward the upper channel boundary.
On the downside, failing to maintain support at $0.31 could invite further losses. The next major support is near the 0.618 Fib level at $0.27 in December.
Dogecoin has broken out of a multi-year descending triangle pattern on its weekly chart, setting up a bullish technical target near $0.70. This breakout suggests a potential continuation of the memecoin’s long-term upward momentum, with the measured move derived from the triangle’s height.
However, the rally is facing near-term hurdles as DOGE trends within an ascending parallel channel. The price is currently retracing toward the channel’s lower trendline, marked by a critical support zone near $0.20–$0.25 (red area). This region aligns with historical accumulation zones, making it a key level for a potential rebound.
The 50-week exponential moving average (EMA) at $0.18 offers additional support, bolstering the bullish case. If DOGE manages to sustain its bounce from the lower channel trendline, it could aim for a retest of the $0.70 breakout target.
Shiba Inu has rebounded from the lower trendline of its descending channel pattern, raising prospects of a short-term recovery. The bounce follows a sharp decline to near $0.00002200, where buyers stepped in to defend the support zone.
The immediate upside target appears to be the channel’s upper trendline, which coincides with the $0.00002400–$0.00002500 resistance area.
The RSI on the 4-hour chart is recovering from oversold territory, suggesting weakening bearish momentum. However, the larger downtrend remains intact until SHIB achieves a decisive breakout above the channel resistance.
If SHIB fails to sustain its bounce, a retest of the lower trendline near $0.00002150 remains possible.
Shiba Inu is sliding toward the lower trendline of a multi-year ascending triangle pattern on the weekly chart.
The pullback follows a rejection from the triangle’s horizontal resistance level near $0.00003400. This level aligns with the 0.382 Fibonacci retracement level, underscoring its significance as a barrier to further upside. The 50-week exponential moving average (EMA), currently at $0.00001911, adds another layer of support near the lower trendline.
The RSI remains neutral at 51.68, suggesting SHIB still has room to test lower levels without entering oversold territory. A successful bounce from the ascending trendline could position SHIB for a retest of the $0.00003400 resistance and, potentially, a breakout toward higher Fib levels.
However, a decisive breakdown below the lower trendline could invalidate the bullish triangle setup and expose SHIB to deeper corrections.
PEPE has rebounded after hitting the 0.618 Fibonacci retracement level near $0.00001716, suggesting a potential short-term recovery. The bounce comes after a sharp decline from its recent high of $0.00002837, where the memecoin faced significant selling pressure.
The immediate upside target lies at the 50-period exponential moving average (EMA), currently near $0.00002165, followed by the 200-period EMA at $0.00002070. These levels are crucial resistance zones that PEPE must break to confirm a sustained recovery.
The RSI remains oversold at 20.11, indicating that the bearish momentum may be overextended, which supports the case for a corrective bounce. However, trading volumes during the rebound remain muted, raising concerns about the strength of the recovery.
Failure to reclaim the EMAs could result in another leg down, with key support levels at $0.00001716 and $0.00001411 (the 0.786 Fib level).
PEPE is pulling back after reaching the upper trendline of its rising wedge pattern on the weekly chart. The bearish structure raises the likelihood of a decline toward the $0.00001418–$0.00001097 support zone. This range aligns with the 0.5–0.618 Fibonacci retracement levels and the 50-week exponential moving average (EMA), currently near $0.00001048.
The rejection at the wedge’s upper boundary and declining trading volumes suggest weakening bullish momentum. Additionally, the RSI has started to retreat from its neutral zone of 55.30, further signaling potential downside risks in the near term.
PEPE could maintain its long-term bullish bias if it bounces from the $0.00001097 level. Conversely, a breakdown below the 50-week EMA may invalidate the wedge setup, opening the door to further losses.
Yashu Gola is a journalist focusing on cryptocurrency markets since 2014. He writes for Cointelegraph and CoinChapter and has previously served as the chief editor for NewsBTC.