Memecoin breakout: DOGE, SHIB, PEPE are heading towards new highs?

The meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) continue to maintain a strong bullish momentum as the market witnesses the bounce back of Bitcoin (BTC) to new record highs. The technical outlook for these meme coins remains very optimistic, with DOGE approaching a significant resistance level, while SHIB and PEPE are heading towards their next bullish targets following strong breakouts in recent times.

Dogecoin is nearing a round bottom, with a strong bounce back

At the time of writing, Dogecoin has not yet established a clear trend, as a Doji candle appears after the previous session's 5.9% rise. The important resistance level at 0.18 USD, corresponding to the neckline of the rounded bottom pattern, may be creating a buffer zone helping DOGE bounce back in the short term.

The round bottom pattern is often a sign of a strong bullish reversal after a deep decline. If DOGE can close above the level of 0.18 USD, there is a high likelihood of a breakout occurring, pushing the price to the daily high of 0.198 USD on June 10.

The RSI index on the daily chart is currently at 56, slightly oscillating above the average, indicating that the upward momentum is still maintaining stability. Additionally, the MACD indicator shows that green bars are increasing, reflecting a clear upward trend. Investors can monitor potential buy signals if the MACD and signal lines are increasing and cross above the 0 line.

Daily price chart of DOGE/USDT | Source: TradingViewIf it cannot break through the 0.18 USD level, the price may adjust to the weekly low around 0.165 USD.

Shiba Inu is preparing to bounce back

Shiba Inu continues its growth trend, recording an increase of 1% at the time of writing, after rising 4.7% in the previous trading session. The bounce back of SHIB started from a low of 0.00001 USD on June 22 and has now surpassed the 0.000012 USD mark, setting a 30-day high.

With the trend reversal becoming increasingly clear, buyers may aim for the nearest resistance level at 0.0000133 USD, the highest level recorded on June 10.

The RSI index currently stands at 57, indicating that the bullish momentum of SHIB remains very strong and may continue to expand. Additionally, the MACD indicator also shows positive signals, as the MACD and the signal line are gradually approaching the point of crossing above the zero line, opening up potential buying opportunities.

Daily price chart of SHIB/USDT | Source: TradingViewHowever, if SHIB cannot hold the level of 0.000012 USD and drops below this threshold, the downtrend could continue, with the week's lowest expected to be around 0.0000114 USD.

Pepe attracts attention with a strong bounce back

Pepe is attracting attention as it recorded a bullish increase of 0.5% on Thursday, continuing the rise to the sky of 8.44% in the previous trading session, marking a successful breakout of the descending triangle pattern, as can be clearly seen in the chart below.

The breakthrough surge of PEPE is targeting the level of 0.0000119 USD, corresponding to the lowest point on May 17, where the upward momentum began to form.

All technical indicators show a strong bullish trend. The RSI index is currently at 57 and is close to the overbought threshold, indicating positive momentum. At the same time, the MACD indicator also reflects an increase in the uptrend, with consecutive green histogram bars and the MACD line crossing above the signal line.

Daily price chart of PEPE/USDT | Source: TradingViewHowever, if this upward momentum cannot be maintained, PEPE may correct to the level of 0.00001 USD, a threshold that was tested on July 3, creating support opportunities for the next trend.

Emma

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