• Dogecoin steadies above $0.1300 after seven consecutive days of losses, risking a bearish momentum shift.
• Shiba Inu holds at the 50-day EMA after seven days of downtrend as buying pressure wanes.
• Pepe risks further decline toward the 50-day EMA as the MACD indicator flashes a sell signal.

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), remain under extreme selling pressure, recording roughly seven days of downtrend following the January 4 spike. The meme coins risk a bearish shift in momentum as buying pressure subsides, potentially leading to further declines, as the broader cryptocurrency market lacks a near-term bullish catalyst. 

Dogecoin stabilizes after steady decline

Dogecoin trades around $0.1350 at press time on Tuesday after seven straight days of decline, breaking below the 50-day Exponential Moving Average (EMA) at $0.1427. The meme coin hovers close to the November 21 low at $0.1332, which served as key resistance in mid-December and is now a support level.

A bounce back from this level could test the 50-day EMA at $0.1427, followed by the November 26 high at $0.1568, which capped gains on January 6. 

The momentum indicators on the daily chart reflect a sudden decline in buying pressure. The Relative Strength Index (RSI) is at 48, crossing below the halfway line and suggesting the start of a sell-side dominance. At the same time, the Moving Average Convergence Divergence (MACD) reverses toward the signal line, risking a potential crossover, which would confirm a renewed bearish momentum.

If DOGE slips below $0.1332, it could extend the decline to the December 31 low at $0.1161. 

Shiba Inu holds at a crucial moving average support

Shiba Inu hovers above the 50-day EMA at $0.00000834, stabilizing after the seven-day decline. At the time of writing, SHIB recovers slightly on Tuesday, after nearly retesting the breakout of a falling channel pattern.

If SHIB bounces back from this moving average, it could target the October 11 low at $0.0000956.

Similar to Dogecoin, Shiba Inu risks a bearish shift in trend momentum. The RSI is at 53 on the daily chart, approaching the halfway line from the overbought boundary, which suggests waning buying pressure. Additionally, the decline in MACD risks crossing below the signal line, which would trigger a sell indication.

However, a sustained decline below the 50-day EMA at $0.00000834 could approach the October 10 low at $0.00000678.

Pepe targets further decline to the 50-day EMA

Pepe trades above the $0.00000500 psychological level at press time on Tuesday, after erasing the January 3 and 4 gains in a seven-day downtrend. The MACD crosses below the signal line, flashing a sell indication and renewed bearish momentum.

Additionally, the RSI at 55 indicates a steep decline from the overbought zone, suggesting a fading bullish pressure. 

The frog-themed meme coin targets the 50-day EMA at $0.00000528 as its next support level. 

On the flip side, a potential reversal in PEPE if DOGE and SHIB rebound could test the $0.00000650 supply zone, followed by the 200-day EMA at $0.00000738.