Does the Dog Meme Trigger a New Wave of Speculation? What Do the Rebounds of DOGE and PEPE Indicate

The meme coin market is recovering. Data shows that in the past 24 hours, the overall market capitalization of meme coins surged by over $8 billion, with mainstream tokens like DOGE and PEPE recording strong double-digit gains. Is this rally a genuine meme coin cycle beginning, or just a short-term rebound driven by improved risk appetite? From a technical perspective, the answer may not be so optimistic.

Dogecoin Seeks Confirmation at Key Support Zone

Dogecoin is currently trading around $0.14, rebounding strongly after weeks of consolidation. From the weekly chart, DOGE is attempting to stabilize above the long-term upward trendline while holding the critical demand zone between $0.10 and $0.12. These two factors together theoretically lay the foundation for a larger upward move.

Technical indicators send mixed signals. The weekly RSI shows bullish divergence, suggesting increasing buying momentum; the weekly MACD’s selling pressure is easing, with related indicators approaching a golden cross. If this trend is confirmed, DOGE could surge above $0.2.

However, challenges remain. The price is still below major Fibonacci resistance levels—$0.21 (0.236 level) and $0.32 (0.382 level)—which form upper resistance. This means the rebound needs sustained volume support to break through; otherwise, it may stall or even retrace.

Can PEPE’s Strong Rebound Continue?

PEPE’s performance is more speculative. Over the past few days, the token has risen over 50%, rebounding from a strong demand zone between $0.0000050 and $0.0000055 to around $0.00000598. Notably, this rebound was accompanied by a significant increase in volume and rising accumulation/distribution lines, indicating active buying at low levels.

On the daily chart, PEPE still faces resistance from the Supertrend indicator, with short-term resistance at $0.0000065. If the rebound can break this level, further gains are possible; but if it fails to hold support at $0.0000055, the rebound’s strength will weaken, risking a reversal downward.

Volume is key to judging the authenticity of this rebound. The current increase in volume does show market interest returning, but meme assets like DOGE and PEPE are known for rapid rises and falls. Rebounds lacking structural support are often unsustainable.

Bitcoin Stability Determines Meme Coin Outlook

Investors should not overlook Bitcoin’s role when assessing DOGE and PEPE trends. Currently, Bitcoin is trading around $97.04K. If it can remain above key support levels, meme coins as high-beta assets may continue upward. Conversely, if Bitcoin experiences sharp volatility, meme coin gains could be quickly erased.

This also explains why market observers tend to describe the current phenomenon as a “speculative rebound and rotation” rather than a “full-blown meme coin frenzy.” A true frenzy requires several conditions: broad market participation, structural buying support, and ongoing risk appetite improvement. These conditions are not yet fully in place.

How Should Investors Respond This Month?

In the short term, as long as Bitcoin remains stable with ample liquidity, meme coins like DOGE, PEPE, BONK, and SHIB are likely to continue pushing higher at technical breakout points confirmed by volume. However, continued volatility should be expected rather than a sustained rally.

For risk-averse investors, it may be better to stay on the sidelines for now; aggressive traders should focus on key support and resistance levels for entry and exit strategies. Once critical supports are broken, the rapid decline of meme coins is also a risk to watch out for.