The meme coin market has cooled after a January surge, with DOGE, SHIB and PEPE pulling back from recent spikes and facing renewed selling pressure. As buying momentum wanes, there are growing expectations for further corrections in the broader crypto market, given the lack of clear near-term catalysts for a renewed upside.
DOGE is testing the $0.1332 support, with a break potentially opening a path to $0.1161. At around $0.1350, the coin sits below its 50-day moving average of $0.1427, signaling a possible continuation of the downtrend unless buyers re-enter. If $0.1332 holds and a bounce occurs, the first test would be the 50-day MA at $0.1427, followed by resistance near $0.1568 that previously capped gains in late December and early January. Momentum indicators show waning buying power, with RSI near 48 and a potential bearish cross in MACD if the trend accelerates lower.
SHIB remains perched above the 50-day MA of $0.00000834 but faces a precarious path as the recent decline stalls. A rebound above the moving average could target the October low around $0.0000956, but the overall trend remains susceptible to further downside, given deteriorating momentum. RSI sits around 53, and MACD could tilt lower, reinforcing a bearish signal if the pace of decline resumes. A sustained break below the 50-day MA could open the door to additional losses toward the October low.
PEPE is currently trading above the psychological support near $0.00000500, yet most of the gains from January 3–4 have been erased over a seven-day downtrend. MACD has crossed below the signal line, indicating renewed bearish momentum, while RSI around 55 has slipped from overbought territory. The next key support to watch is the 50-day MA at $0.00000528. If upside potential develops, DOGE and SHIB recoveries could pull PEPE higher toward $0.00000650, with the 200-day MA at $0.00000738 acting as a hurdle.
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