The prices of DOGE, SHIB, and PEPE are rising to the sky: The meme coin wave is lively again as Bitcoin surpasses the $122,000 mark.

Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all recorded an increase of over 4% at the time of writing this article on Monday, following the strong breakout of Bitcoin (BTC) as it surpassed the $122,000 mark. The improvement in investors' risk appetite has driven capital into high-speculation assets like meme coins, thereby pushing the total market capitalization of this segment beyond $69 billion.

Following the positive developments of DOGE, SHIB, and PEPE, market sentiment has become lively with expectations that the upward momentum will continue to spread. Technical indicators are currently leaning towards a bullish trend, indicating that buying pressure is dominant if the meme coin group maintains its current momentum.

Dogecoin recovers, regaining the $0.20 mark

Dogecoin surged over 4% at the time of writing on Monday, breaking above the 200-day exponential moving average at $0.2028, after completing a rounded bottom reversal pattern – a technical signal for a bullish trend.

If DOGE can maintain a decisive closing above this threshold, the upward trend could be reinforced and extended to the resistance area of $0.2145 – a price level that was previously tested last Friday. Breaking through this level, the coin could continue to target the important psychological mark of $0.2500, and further the peak on May 11 at $0.2597.

Daily DOGE/USDT chart | Source: TradingViewTechnical indicators currently also support the bullish trend: the relative strength index (RSI) on the daily frame has reached 67 – close to the overbought area, while the MACD indicator shows that the histogram bars are expanding above the 0 line, reflecting a clearly strengthening bullish momentum.

However, if DOGE cannot hold above the 200-day EMA at $0.2028, the selling pressure could pull the price down to the next support level around the 100-day EMA, corresponding to $0.1901.

Shiba Inu aims for new highs amid strong bullish wave

Shiba Inu (SHIB) rose over 4% on Monday, after recovering from the 100-day exponential moving average (EMA) — a positive technical signal for the start of the new week. This upward momentum was notably driven by a series of Doji candles that appeared from Friday, indicating that buying pressure is returning as SHIB tests this important support zone.

Currently, SHIB is targeting the nearest resistance level at $0.00001421 – a level that previously acted as strong support at the end of May. If the price can close above this mark, the next target will be $0.00001567 – the nearest peak established on May 23. However, the 200-day EMA at $0.00001452 remains the short-term technical barrier that SHIB needs to overcome.

Daily SHIB/USDT Chart | Source: TradingViewThe RSI indicator is approaching the overbought zone with a level of 68 on the daily frame, while the MACD continues to emit positive signals with the histogram maintaining above the 0 line and gradually increasing, reflecting the recovery momentum being reinforced.

In a negative scenario, if SHIB weakens and closes below the 100-day EMA, this coin could turn around to test the 50-day EMA at the level of $0.00001248.

The golden cross signal of PEPE suggests a prolonged price increase

Pepe (PEPE) is making a strong mark as it leads the surge of the meme coin group with a 6% increase at the time of writing on Monday, following a quiet trading weekend with Doji candles forming around the $0.00001200 mark. The breakout above the descending triangle pattern on the daily chart has triggered a series of positive technical signals, attracting attention from investors.

If PEPE breaks through the important resistance level at $0.00001362 – the peak that was previously rejected on June 10 – the upward momentum could continue to expand, targeting the peak area on May 23 at $0.00001632.

PEPE/USDT daily chart | Source: TradingViewInvestors waiting for opportunities may want to keep an eye on the “golden cross” signal, as the (EMA) 50-day moving average has just crossed above the 200-day EMA – a sign that short-term momentum is gradually overshadowing the long-term stagnation trend. At the same time, other technical indicators are also supporting the upward trend: the RSI index has reached 68, approaching the overbought area, while both the MACD line and the signal line have crossed above the 0 mark – further reinforcing the bullish outlook.

However, the reversal scenario still needs to be considered. If PEPE cannot maintain the support level of $0.00001196 – which was tested on Saturday – selling pressure may push the price back to the 200-day EMA, around the level of $0.00001094.

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