The recent correction phase in meme coins like Dogecoin, Dogelon Mars, and Shiba Inu has resulted in significant drops in price. These cryptocurrencies, which have lost almost half of their value, have gained strong demand pressure to start a rally with the entry into the recovery phase.
Dogecoin and Dogelon Mars
On December 14, Dogecoin (DOGE) increased by over 30% during the day and reached the $0.19 resistance zone. However, this price action did not last long and it was back to the 0.16 support point. After the second test, DOGE tries to reach the overhead resistance of $0.193.
The resistance of the 20-day MA in Dogecoin price turned into the support zone. It also shows the increasing dominance of market buyers with the RSI 51 on the last 24-hour timeframe. The final correction phase is the Dogelon Mars token, which forms a descending triangle pattern on the daily timeline chart. In this pattern, a token usually signals sell when the price drops below the neckline, which is the 0.000001 or 0.168 fibo retracement level.
However, Dogelon Mars (ELON) signed a parabolic upward move after the Gemini and Huobi Global listings. The ELON/USD pair is up approximately 70% from the lower support and is currently facing strong resistance at $0.0000018. If ELON fails to break this overhead resistance, the price could bounce back to the $0.0000013 support.
With this latest rally, the token price has regained the bullish trend of key MAs on the daily timeline chart. Also, ELON confirmed the 20 and 50 MA bullish crossover attracting more buyers in the market. It supports the rally showing a significant jump with the RSI 64.
Recently, the Shiba Inu was seen rising with heavy demand pressure at the $0.000030 support area. The pair started a V-shaped recovery in price, revealing 26% gains in the last 4 days. On December 23, the price of the popular meme token broke the resistance at $0.0000375, providing another entry opportunity for investors.
Currently, however, SHIB is retesting this support level. A successful test here will strengthen the rally. Alongside the horizontal resistance, SHIB price is attempting to retrace the 50-day MA line. It moved above the neutral zone with the RSI 51, conveying the bullish sentiment.