The meme coin market is under renewed pressure as geopolitical tensions in the Middle East trigger a broad sell-off across risk assets. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE)—three of the most recognized meme coins—have all experienced notable declines, reflecting the heightened risk-off sentiment that has swept through the crypto sector this week.
Dogecoin: Testing Key Support Levels
Dogecoin, the largest meme coin by market capitalization, has seen its price fall below $0.20, currently trading near $0.1738. This marks a three-day losing streak, with DOGE down nearly 9% in the last 24 hours and over 15% from its recent high of $0.2067. Technical indicators show continued bearish momentum: the MACD remains below its signal line, and the RSI sits at 37, indicating weak buying interest. If DOGE closes below the $0.1642 support, further downside toward $0.1422 is possible. However, a bounce from this level could see a retest of the 50-day EMA at $0.1976.
DOGE/USDT daily price chart.
Shiba Inu: Bearish Momentum Intensifies
Shiba Inu has also come under heavy selling pressure, dropping to a new monthly low of $0.00001138. The token is down 4% on the day, with the MACD and RSI both signaling a continuation of the bearish trend. A daily close below $0.00001150 could open the door to further losses, potentially testing the year-to-date low at $0.00001029. For any meaningful recovery, SHIB would need to reclaim the 50-day EMA at $0.00001347.
SHIB/USDT daily price chart.
Pepe: Psychological Support in Focus
Pepe has been hit hardest, falling over 20% from its weekly high and breaking below its 200-day EMA. The price is now at risk of breaching the $0.00001037 support, with a close below this level potentially leading to a test of the psychological $0.00001000 mark and even $0.00000900, last seen in late April. The MACD and RSI both point to increasing bearish momentum, but a reversal from $0.00001000 could see a move back toward the 50-day EMA at $0.00001153.
PEPE/USDT daily price chart.
Market Context: Risk-Off Sentiment Dominates
The current downturn in meme coins is part of a broader crypto market sell-off, triggered by escalating tensions between Israel and Iran. This has led to a sharp decline in risk appetite, with over $1.15 billion in liquidations across the crypto market. Major assets like Bitcoin and Ethereum have also seen significant declines, underscoring the interconnectedness of the crypto ecosystem during periods of heightened geopolitical risk.
Outlook: Volatility Likely to Persist
With technical indicators pointing to continued weakness and no immediate resolution to geopolitical tensions in sight, meme coins may remain under pressure in the near term. Investors should watch key support levels closely and remain cautious, as further downside cannot be ruled out if risk-off sentiment persists.
