The meme coin market continues to rise along with Elon as it recently resumes positive actions after a decent pullback. The asset could gain huge trading attention as the price approaches a breakpoint.
Elon continued to maintain its upward movement after locating support at the $0.000000356 level weeks back. The rebound was followed by a 23% gain in the last 7 days of trading.
While it has been gaining traction in the past months, the coin managed to increase to $0.00000052 last week but could not sustain buying pressure above it. This week might see the price breakout of structure if the buyers respond well to price actions.
The key breakpoint for a potential rally lies between the $0.00000058 and $0.0000006 price ranges, which marks a 9-month supply zone for the meme coin. Meanwhile, it is trying to recover from last weekend’s loss to keep the bulls on track.
If the price fails to flip the mentioned supply zone, Elon will remain trapped under the bears’ radar on a long-term perspective until it gets off the hook. However, it is still following a bullish sentiment on the daily chart with an 85% increase in two months.
A clear break out of this zone will trigger a massive buy towards the $0.000001 price level within a short timeframe. For now, the price is calm around $0.00000047.
ELON’s Key Levels To Watch
Elon’s recovery has attracted a lot of buyers over the past week. If the price advances higher this week, the resistance level to keep in mind lies at $0.00000055, followed by the supply zone mentioned earlier.
Tapping the $0.00000063 resistance level on a breakout, the resistance to watch next is $0.00000074 and $0.00000085.
On the other hand, the first support level to watch for a potential decline is $0.000000432. There’s also hidden support at $0.000000395 before losing further to $0.000000355 and perhaps $0.0000003.
Key Resistance Levels: $0.00000055, $0.00000063, $0.00000074
Key Support Levels: $0.000000432, $0.000000355, 0.0000003
- Spot Price: $0.00000043
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.