If, elseif, else logic in membership shortcodes

I have a series of membership levels defined, and trying to figure out the logic of how to hide/display protected content.

Ideally, what I'd like to do is something like this:

[level-sub-1]Display something[/level-sub-1]
[level-sub-2]Something else[/level-sub-2]
[not-level-sub-1 OR not-level-sub-2]Neither[/not-level-sub-1 OR not-level-sub-2]

Basically, an if/elseif/else type logic. Is this possible?