• Dogecoin price extends its correction on Tuesday, after falling over 3% in the previous day.
• Shiba Inu is increasing the risk of a deeper correction, as its momentum indicators signal early bearish signs.
• Pepe price trades lower after slipping by more than 8% in the previous week.

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) extending their losses after recent corrections. The technical outlook for these meme coins signals early bearish momentum, suggesting a potential for deeper losses in the coming days.

Dogecoin closes below key trendline support

Dogecoin price declined more than 7% since Saturday, closing below the lower trendline of a falling wedge pattern on Monday. As of Tuesday, DOGE is trading down at $0.091.

If DOGE continues its downward trend, it could extend the correction toward the February 6 low of $0.080. A close below this level could extend losses toward the next weekly support at $0.078.

The Relative Strength Index (RSI) on the daily chart is at 36, below the neutral level of 50 and pointing downward, indicating bearish momentum gaining traction. The Moving Average Convergence Divergence (MACD) lines are converging, indicating indecision among traders. If the MACD flips a bearish crossover, it would further support the bearish thesis.

On the other hand, if DOGE recovers, it could extend the recovery toward the trendline level around $0.100.

Shiba Inu extends correction after rejection from key resistance

Shiba Inu price was rejected around the weekly resistance level at $0.0000068 on Saturday and declined by nearly 6% over the next two days. As of Tuesday, SHIB is extending its correction, trading at $0.0000059.

If SHIB continues its downward trend, it could extend the correction toward the February 6 low of $0.0000050.

Like Dogecoin, SHIB’s RSI shows bearish momentum gaining traction, while the MACD is poised to flip to a bearish crossover, further supporting the negative outlook.

However, if SHIB recovers, it could extend the advance toward the weekly resistance at $0.0000067.

Pepe extends losses after rejection from the 50-day EMA

Pepe price closed below the 50-day EMA at $0.0000045 on February 15 and declined by over 11% through Monday. As of writing, PEPE is trading at $0.0000038.

If PEPE continues its correction, it could extend the decline toward the February 6 low of $0.0000031.

Like Dogecoin and Shiba Inu, PEPE momentum indicators, RSI and MACD indicators also support a negative outlook.

Conversely, if Pepe recovers, it could extend the advance toward the 50-day EMA at $0.0000045.