Dogelon Soars Over 7% While Shiba Inu Gains but Technicals Inidcate Loss on Charts

By victoria
December 31, 2021 Updated December 31, 2021
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Dogelon Soars Over 7% While Shiba Inu Gains but Technicals Inidcate Loss on Charts

Memecoins have seen the light as major cryptocurrencies have shown recovery on its chart. The meme coin could target a 12% hike in the subsequent trading sessions with a consistent rise in buying strength. ELON was priced at $0.0000015 with overhead resistance at $0.0000017.

The trading volume of ELON has decreased, which means that the price volatility of the coin would remain low. Shiba Inu was trading within a descending trendline in the past few days, and however, due to broader market strength, the coin broke out of the descending channel.

Dogelon/ELON/USDT Four Hour Chart

Dogelon Soars Over 7% While Shiba Inu Gains but Technicals Inidcate Loss on Charts

Dogelon has appreciated considerably in the past week. The coin provided substantial ROI in the same time frame. At press time, the coin registered 7.8% growth after it had dipped shortly in the past two days. Overhead resistance stood at $0.0000017 while support lines rested at $0.0000013 and $0.0000012, respectively.

Currently, the $0.0000009 level has acted as strong support for the coin. The technical outlook showed bullish price action as a result of the recent recovery experienced by the ELON.

The Relative Strength Index also noted an uptick which meant that buying strength returned in the market. ELON had witnessed a massive buying strength for most of the month, but the coin also had met with a sell-off in the past few days.

MACD was still negative but was approaching a bullish crossover. The coin’s prices were above the 20-SMA line signaling an increase in buying strength.

SHIB/USD Four Hour Chart

Dogelon Soars Over 7% While Shiba Inu Gains but Technicals Inidcate Loss on Charts

Shiba Inu’s price action has been quite volatile, and the coin was priced at $0.000035. Immediate resistance for Shib was at $0.000037, and the support level stood at $0.000033. The next support level was at $0.000029.

Price volatility was decreasing as the Bollinger Bands were constricted, indicating that price fluctuations would remain low over the upcoming trading sessions.

The Relative Strength Index was negative as the buyers were still low in number. However, selling pressure still existed in the market. With prices going up, the RSI would move above the half-line providing a more robust bullish force to the meme-coin.

Chaikin Money Flow was also below the half-line, but the capital inflows had increased over the last 24 hours.

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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