Meme Coin Market Under Siege: DOGE and Major Tokens Face Mounting Selling Pressure

Dogecoin, Shiba Inu, and Pepe are all grappling with sustained downside momentum following the early January rally. Across the meme token complex, bears have maintained their grip for roughly a week, with minimal buying interest stepping in to stabilize prices. The lack of fresh catalysts in the broader crypto space has left these assets vulnerable to further deterioration.

The Broader Meme Market Struggles with Relentless Seller Activity

Meme tokens continue to face intense selling pressure seven days after the January 4 peak. DOGE, SHIB, and PEPE have all logged consecutive losing sessions, signaling that momentum has shifted decisively toward the bearish side. With capital rotating away and no obvious near-term drivers to spark renewed interest, the risk of deeper losses remains elevated across this segment.

DOGE Treading Water Near $0.1350 Amid Weakening Momentum

The leading meme coin was recently trading around $0.1350 after an extended decline that pushed it below the 50-day EMA (previously at $0.1427). At current levels, DOGE is hovering perilously close to the November 21 low of $0.1332 — a former resistance that has since become a critical support zone.

Should sellers breach this level, the next downside target emerges at the December 31 low near $0.1161. Conversely, if the $0.1332 floor remains intact, a recovery could potentially drive the price back toward the $0.1427 EMA and the November 26 high at $0.1568.

The technical backdrop, however, paints a cautionary picture. The daily RSI has dipped to 48, crossing below the neutral midpoint and suggesting that selling momentum is overpowering demand. More troubling, the MACD is converging with its signal line and risks a bearish crossover — a development that would reinforce downward pressure on this meme coin’s price action.

SHIB Clinging to Moving Average Support Amid Fading Demand

Shiba Inu remains locked in a precarious position, barely maintaining altitude above its 50-day EMA at $0.00000834. The token has spent the past week gradually sliding lower, with near-term support provided solely by this key moving average.

If SHIB manages to anchor above this level, the next upside target would be the October 11 low at $0.0000956 (note: this label appears reversed in trend context). Breaking below $0.00000834 would expose the October 10 low around $0.00000678 as the subsequent support floor.

The momentum indicators tell a story of diminishing bullish conviction. The RSI stands at 53 but is trending downward from overbought territory, a sign that buying pressure is evaporating. The MACD is similarly declining and threatens to slip beneath its signal line — a move that would trigger a bearish signal and accelerate selling.

PEPE’s Bearish Cross Warns of Further Downside Risk

Pepe continues to trade just above the $0.00000500 psychological support after surrendering the gains accumulated on January 3 and 4. The digital asset has been dragged lower alongside its meme counterparts throughout the seven-day downturn.

A significant technical warning has already materialized: the MACD has crossed below its signal line, flashing a sell indication and signaling that bearish momentum is reasserting itself. The daily RSI, currently at 55, has pulled back sharply from overbought levels — confirming that bullish pressure is rapidly dissipating rather than strengthening.

With technical conditions deteriorating, the immediate support anchor sits at the 50-day EMA positioned at $0.00000528. A breach of this level would extend losses toward lower levels. On the upside, any broader recovery across DOGE and SHIB could help PEPE attempt a rebound, with resistance emerging near the $0.00000650 supply zone and the 200-day EMA at $0.00000738.

Summary: Meme Tokens Remain at Risk

The meme coin sector remains trapped under relentless selling pressure, with DOGE, SHIB, and PEPE all showing signs of technical weakness. Unless buying interest reemerges and key moving averages provide lasting support, further downside cannot be ruled out in the near term.