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The broader meme coin market hit a wall on Tuesday as last week's rally ran out of steam. DOGE pulled back after hitting heavy resistance, while SHIB stayed trapped under a long-standing descending trendline.
Meanwhile, PEPE faced a wave of profit-taking from traders cashing in on its recent double-digit run. On-chain data and chart patterns are mixed. The question now is whether current support levels hold.
DOGE is feeling the heat after getting rejected at $0.0782, dropping 1.5% to sit below $0.0745 this Tuesday. If the bleeding doesn't stop soon, we're likely looking at a drop back down to the yearly lows near $0.0695.
The indicators are a total mixed bag right now. On one hand, the daily RSI is scraping 35, meaning it's getting heavily oversold. On the other hand, the MACD is still holding onto that July 3 bullish crossover, so buyers haven't completely left the building yet.
Meanwhile, market analyst Ali Charts reported that Dogecoin's network activity climbed to roughly 50,000 active addresses on July 5. The analyst noted, ‘Something is brewing,’ as higher address activity reflected stronger user participation across the network.
Large investors holding more than one billion DOGE increased their combined holdings to 73.85 billion tokens. Although whale transactions dropped to 12 on Sunday, the broader accumulation trend remained intact.
Coinglass data showed Dogecoin derivatives trading volume rose 31% to $1.26 billion. Meanwhile, open interest edged down 0.32% to $1.04 billion, indicating only limited new leveraged positions entered the market.
Technical indicators presented a balanced picture. The Relative Strength Index registered 51.52, reflecting neutral momentum, while the Chaikin Money Flow indicator remained positive at 0.08, pointing to modest but steady capital inflows.
Read More: Dogecoin Price Prediction: Can DOGE Recover from its Bearish Trend?
Analyst Jesse Peralta said DOGE continued trading inside an ascending channel and approached the channel's lower boundary. According to the analysis, the $0.075 to $0.076 range now serves as the primary support zone.
Maintaining support above $0.075 could expose the next upside target at $0.081. After that, analysts identified $0.090, $0.10, and $0.12 as potential recovery levels. A break below $0.075 could shift attention toward the $0.070 to $0.068 support zone.
Market technician Celal Kucuker also reported that Dogecoin broke above its long-term downtrend line before retesting it. A successful retest could create a path toward the $0.12 target.
Shiba Inu gained more than 6% during the previous week before testing a descending trendline near $0.0000045. That level also aligned closely with daily resistance. SHIB failed to close above the resistance area on Sunday. It then declined more than 3% over the following two days and traded below $0.0000043 on Tuesday.
If the correction continues, SHIB could revisit its yearly low around $0.0000040. Like Dogecoin, SHIB displayed mixed technical signals. Its Relative Strength Index remained below the neutral level, while the MACD continued showing a bullish crossover that suggested improving underlying momentum.
Besides the weakness in meme coins, the broader cryptocurrency market expanded by 1.04% to $2.19 trillion during the previous 24 hours. Bitcoin, Ethereum, XRP, and Solana also recorded modest gains during the same period, while PEPE pulled back as traders secured profits after last week's strong advance.
Dogecoin, Shiba Inu, and Pepe retreated after last week's rally as buying momentum eased. DOGE and SHIB approached key support levels while technical indicators delivered mixed signals. Meanwhile, whale accumulation, network activity, and broader market strength remained important factors for traders monitoring the next price movement.
