Key Insights:
- Major meme coins failed to rally alongside major cryptocurrencies despite a market-wide relief bounce.
- Technical charts show DOGE and SHIB facing strong resistance, while PEPE broke below a key support level, signaling weaker momentum.
- Historically, meme coins lead risk-on rallies, but their muted performance suggests the current crypto bounce may lack strong liquidity inflows.
Remember when a quick BTC pump used to send meme coins parabolic? Not this time. Despite a relief rally lighting up top chains earlier this week, the big three meme coins DOGE, SHIB, and PEPE barely budged.
These big hitters faced rejection at short-term resistance, leaving bulls frustrated and charts looking weak. If the relief rally can’t lift these OGs, is the whole bounce just smoke?
Major Meme Coins Miss the Relief Rally Boat
Meme coins have historically led the charge on risk-on vibes, but this week’s action told a different story. While BTC, ETH, and most altcoins caught bids, the top meme coins trio lagged. There was no explosive volume and FOMO entries. Just sideways chop near key levels.
In the past cycles, meme coins thrived when liquidity flooded in, but right now, conviction looks thin.
DOGE price bounced from lows around $0.088-$0.09 but capped near $0.10-$0.104 resistance. Charts show it was rejected there multiple times on Feb. 26 and on March 4. Dogecoin price spiked to $0.104 before sellers slammed it back to its current price of $0.09.
Like Dogecoin, the RSI is on the way up, despite disappointing price action. At the time of writing, the DOGE price was down 2.98% on the day amid heavy selling pressure.
At 40.52, the relative strength index was dropping but still on an uptrend as it has been forming higher lows. DOGE needs a clean break above $0.106 to flip the script; otherwise, it will slide back to grinding sub-$0.09.
SHIB and PEPE Price Analysis
Shiba Inu (SHIB) traded inside a falling channel, dropping all the way from $0.0000076-$0.0000052 over 16 days. It dipped to $0.00000531 mid-week, then recovered modestly, but overhead supply from $0.0000058-$0.000006 held firm. SHIB technical analysis reveals a bullish RSI divergence: price drops while RSI rises.
This means, even though this meme coin lagged during the recent market upturn, it is still forming a bullish reversal pattern that could make it the talk of the space soon.
Pepe (PEPE) made the hardest loss, sliding to the $0.0000033-$0.0000035 range after rejecting $0.0000043. The PEPE chart is the worst of the three as it shows the meme coin broke below a key support level.
Weekly, Pepe’s performance dipped 8-9%, and worse over the past month. The RSI shows a bearish break, signaling doom for the meme coin. Investors love the frog, but the chart signals caution as there is no real accumulation yet.
What Past Meme Coins Moves Tell Us About This Rally?
In past relief bounces, DOGE and SHIB soared 50-200% while PEPE price exploded on hype waves. This time, though, things were different. Different market circumstances and maturity level shows that without fresh inflows, the rally might fizzle.
If these meme coins fail to recover, expect rotation back to majors or risk-off, which might cause them to drop even lower. Moving forward, investors will likely watch for volume surge and a price breakout above key resistance levels before re-entering. Until then, these meme coins may likely stay range-bound.
DOGE, SHIB, and PEPE meme coins struggled to find a bullish footing amid the recent relief rally. Despite the poor performance, their charts show resistance to further falls amid weak momentum, except for PEPE.
Meme coins often follow broader market sentiment. However, if they remain muted (as they are), it shows we are in a totally different market dynamic today.