Dogelon Mars – ELON continued to show a lot of weakness after failing to extend bullish actions above the $0.0000006 level. Due to a series of price rejections, the meme coin is now trading around the $0.000043 crucial support as it prepares for a fresh decrease.
After Elon saw a massive gain to reach the $0.00000266 level – the current all-time high – the price fell and continued to record losses due to the sudden dip that hit the entire market last year. This drop led to months of pain for hodlers.
In late October, the price suddenly increased after recovering from the long bearish condition as it regained momentum following an impressive growth of over 100% in just 6 days. This price growth was due to the surge in Dogecoin’s price, which as well impacted the overall crypto market positively and hugely. Now that Dogecoin’s volatility has recently dropped, Elon is now losing momentum.
At press time, the price is down by almost 14.87% over the past 7 days after witnessing a series of rejections as exhaustion set in from the bull’s side. Although the trend is still looking bullish on the daily chart.
But the bears might gain control if the bulls fail to defend the $0.00000023 level, currently acting as the yearly support. A such scenario might reactivate the long bearish trajectory that started in mid-2021.
Elon Price Analysis (LUNCUSDT) On 4-Hours Chart
Looking at the bearish pattern on the 4-hour chart, the multiple candle wick suggests that the sellers are lurking around the corner. The major target here is the $0.000000377 support level. If the price drops, the next support levels to watch are $0.000000295 and $0.000000269, respectively.
Elon bulls are currently weak. If they show a reaction to the current price actions, we can expect a retest at the $0.0000005 level where the white resistance line is forming. An increase above this resistance line would trigger a fresh increase toward the previous $0.00000058 resistance level. We can then watch out for a higher resistance level at $0.00000063.
Key Resistance Levels: $0.0000005, $0.00000058, $0.00000063
Key Support Levels: $0.000000377, $0.000000295, 0.000000269
- Spot Price: $0.00000043
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: Sajad Nori on Unsplash // Image Effects by Colorcinch
