Just as Bitcoin dictates the direction of most altcoins, including ELON, the trend continued to follow Dogecoin’s pattern. The price has rolled back to its five-month support after it made an impressive rally in October.
The recent price collapse has once again put ELON at a controversial price level. As we can see on the 4-hour chart, trading activity has been boring since Monday, which suggests a lack of interest in the market. Such a build-up technically results in a big price movement.
Considering the current 3% loss in the global market cap, it is likely to shed another loss soon if the percentage continues to increase.
The scenario will worsen if Bitcoin and Dogecoin lose their monthly support, as this may cause ELON to break below its five-month support of $0.000000222. The wedge’s support would be the selling target if these setups eventually play out.
However, if the crypto manages to recover from the current trading level of $0.00000029 and further increases above the forming wedge pattern, we can start to consider a bullish reversal as more growth lies ahead. But looking at the setups, it appears selling pressure is more imminent than buying. ELON’s market cap currently sits at $154.4 million.
Dogelon Mars Price Analysis (ELONUSDT) On 4-Hours Chart
ELON has been sitting at a $0.000000244 support level over the past few days now. In case of a breakdown, there’s close support at $0.000000222 before it decreases to $0.0000002. The following support to keep an eye on is the $0.00000016 level if the price further dips.
Although, there’s still room for an increase if the coin can regain momentum.
The $0.000000317 level is the closest resistance to watch on the hourly chart before the price increases to $0.00000037, which remains an important resistance level for the bulls. If they push higher, the resistance levels to watch are $0.00000043 and $0.00000055, respectively.
Key Resistance Levels: $0.00000037, $0.00000043, $0.00000055
Key Support Levels: $0.000000244, $0.000000222, 0.00000016
- Spot Price: $0.00000028
- Trend: Bullish
- Volatility: Low
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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Image Source: Jeremy Thomas on Unsplash // Image Effects by Colorcinch