Meme icons DOGE, SHIB, PEPE facing technical challenges during rally

The top meme icons in the cryptocurrency market are going through a tough period. Although the overall market has recovered, the biggest meme icons – Dogecoin, Shiba Inu, and Pepe – missed the rally opportunity, showing weak performance compared to other major coins.

These meme icons used to be indicators of health during risk-on recovery phases, but recent actions tell a completely different story. When Bitcoin (BTC) and Ethereum (ETH), along with most altcoins, received strong buy signals early last week, these three meme icons lagged behind, moving sideways without explosive volume or FOMO investor participation.

DOGE - Leading meme icon blocked at $0.10 resistance

Dogecoin, still considered a flagship meme icon, recovered from lows around $0.088-$0.09 but faced clear resistance at the $0.10-$0.104 zone. Charts show DOGE was rejected multiple times at this level in late February and early March, indicating selling pressure remains significant.

DOGE briefly broke above $0.104 but was pushed back down to the current $0.09. As of now, this meme icon has decreased by 1.64% in the past 24 hours, with the RSI (Relative Strength Index) at 40.52. Although RSI is trending upward, it still weakens compared to previous recovery signals.

To turn the tide, DOGE needs a clear breakout above $0.106 with substantial volume. Otherwise, it may fall back into the $0.09 range, where selling pressure persists.

SHIB and PEPE: RSI divergence and deep technical signs

Shiba Inu (SHIB), one of the most popular meme icons, has been trading in a downtrend channel from $0.0000076 to $0.0000052 over the past 16 days. The price dipped to $0.00000531 midweek, then slightly recovered, but supply remains firmly above at $0.0000058-$0.000006.

The only positive is that this meme icon shows bullish divergence in the RSI – price weakening but RSI rising. This suggests a potential reversal pattern could form, though it’s not clear when it might trigger.

Pepe (PEPE) suffered the heaviest losses among the three. It dropped into the $0.0000033-$0.0000035 range after being rejected at $0.0000043, breaking a key support level. Weekly, PEPE declined by 15.95%, and over the past month, the decline was even worse at 24.13%.

PEPE’s technical chart looks the worst of the three, with RSI signaling a breakdown. This meme icon has yet to show any real accumulation that might indicate a comeback.

Waning appeal of meme icons – Is this recovery different?

In previous rallies, meme icons like DOGE and SHIB surged 50-200%, with PEPE exploding due to market enthusiasm. However, this time, the numbers are entirely different. Despite a general recovery, these meme icons missed the upward momentum, suggesting that the flow of funds from bullish investors isn’t strong enough.

This has a bigger implication: in past cycles, meme icon surges often signaled high-risk sentiment across the market. Missing these opportunities indicates capital is flowing into other channels, possibly more serious altcoins or even back into Bitcoin and Ethereum.

If these meme icons continue to stagnate or weaken further, investors are likely to seek opportunities elsewhere. For now, market watchers will focus on trading volume and breaking key resistance levels before considering meme icon trades again.

In summary, meme icons unexpectedly fell silent during the recent recovery. While not showing signs of a complete collapse, their weak performance—especially PEPE—suggests that strong capital inflows are absent, or the market has shifted its approach to meme icons. What happens next remains the question on every trader’s mind.