Dogelon Mars has joined other meme coins in this week’s recovery, rising by almost 12% in a week. It has formed a bullish pattern and seems ready for a surge in volatility, but the $0.00000039 resistance is suppressing positive actions.
Following last week’s rebound, which led to the current gains across the crypto industry, Elon flipped a three-week resistance line and retested it as support during the mid-week pullback.
The price bounced off this line and pushed near the temporal weekly resistance level of $0.000000391 level today. The resistance level rejected bullish actions again as the price slipped to $0.000000362 at the moment.
However, there’s hope for a rebound at $0.00000035. The price is likely to flip this crucial resistance as soon as volatility becomes high. We can expect a big price movement after breaking out. If that fails to happen, the price may roll back to where it started to recover last week.
If we consider the recent upswing that formed a higher high and higher low pattern on the 4-hours chart, Elon appears ready for another upside movement after dropping consistently for three weeks.
Moreso, the price may remain sideways for days before initiating a rally. A drop below last week’s rebound level could set another bearish tone for Elon from a short-term perspective. The fifth meme coin by market cap looks weak with a 1% daily loss.
ELON’s Key Levels To Watch
Elon is approaching a key support level at $0.0000003356. If the level fails to produce a rebound, the mid-week drop level of $0.000000333 will be the next support to watch. While the $0.00000030 level is the lower support to watch, it remains a breakdown level.
Above the $0.000000391 resistance level, the higher levels for buy actions are $0.00000043 and $0.00000048. The following level to keep in mind is $0.00000055 in the future.
Key Resistance Levels: $0.000000391, $0.00000043, $0.00000048
Key Support Levels: $0.000000356, $0.000000333, 0.0000003
- Spot Price: $0.00000032
- 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.
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