Memecoins all surged on Tuesday, along with the overall crypto market recovery as risk appetite shows signs of improvement. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all recorded impressive gains, continuing their upward momentum from last week with gains of approximately 10%, 13%, and 9%, respectively. Currently, DOGE is approaching a key resistance zone, SHIB maintains steady growth momentum, while PEPE’s momentum indicators are beginning to show clear positive trends.
Dogecoin Could Extend Gains if It Breaks Above the 50-Day EMA
At press time, Dogecoin is trading around $0.101, up more than 5%, nearing the 50-day exponential moving average (EMA) at $0.102.
If it breaks through this significant resistance level on the daily chart, DOGE could continue its upward move toward $0.110. In a more optimistic scenario, a daily close above this level could strengthen and extend the bullish trend toward the weekly resistance zone around $0.119, coinciding with the 100-day EMA.
Daily DOGE/USDT Chart | Source: TradingView
Technical indicators are leaning positive. The daily RSI is at 57, above the neutral 50 level and continues to rise, indicating improving bullish momentum. Meanwhile, the MACD has shown a bullish crossover signal, with the green histogram expanding, reinforcing the upward outlook for the price.
Conversely, if a correction occurs, DOGE could retreat to test the February 6th daily low around $0.080.
Shiba Inu Bulls Maintain Momentum
Shiba Inu’s price formed a bottom around the horizontal support zone at $0.0000054 last week before rebounding over 12%. The recovery continued into Tuesday with an additional gain of over 6%, pushing the price close to the 50-day EMA at $0.0000062.
Daily SHIB/USDT Chart | Source: TradingView
If SHIB can close firmly above this level, the bullish trend is likely to be reinforced, opening room toward the weekly resistance zone around $0.0000068. This movement is also supported by momentum indicators, similar to those observed in DOGE.
On the downside, in a correction scenario, the price could retest the support zone at $0.0000054.
Pepe Shows Positive Signals from Momentum Indicators
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