Elon is a replication of Dogecoin and a Doge-themed token project that aims to replicate Dogecoin’s success while referencing Elon Musk’s idea of colonising Mars. 50% of Elon’s liquidity is locked in the Uniswap liquidity pool, while the other half was donated to Vitalik Buterin.
Recently, Elon’s price broke out the downside, shattering the support level of $0.0000002450. The breakout caused a downfall of approximately 19%, and the price formed support at the $0.000000200 level. Elon’s price has been in a strong bearish trend since March.
The bullish rally for Dogelon Mars began at the start of 2023, which pushed the price from the low of $0.0000002760, causing a rise of roughly 86.89%. The uptrend helped price in forming a high of $0.00000052 level.
Currently, Elon prices a possibility of short-term pullback, which might get halted at the $0.00000022 level. If the price is able to break below the current support of the $0.00000020 level, there is a possibility that the price might head towards the $0.00000018 level, causing a drop of approximately 10%.
On the contrary, the price needs to rise above the $0.0000002450 level to again enter the consolidation zone and regain bullish momentum.
Dogelon Mars Remains Seventh on Meme Coin List
Dogelon Mars prices have seemed to be affected by Elon Musk headlines. Although Elon Musk is not involved with ELON, the price spikes whenever Elon Musk makes any sort of headlines. For instance, when the deal with Twitter was finalised by Elon Musk on October 27, Elon’s price upsurged roughly 54% at the end of October.
The project was launched without any real-world use cases. 50% of Elon’s token supply was transferred to Ethereum founder Vitalik Buterin, but he donated it to charity, which helped Dogelon Mars gain huge traction from the market. Elon is still the seventh largest meme coin globally and has gained 447.6 k followers on Twitter.
Will Elon Price Slide to $0.00000018 level?
Elon’s price trades below 20,50,100, and 200-day EMA indicating bearish momentum, and 20-day EMA acts as a resistance level for the price. Chaikin money flow shows strong weakness in the market and is currently at -0.21.
RSI has been in an oversold region since May 14, suggesting how strong the bearish momentum is and very little chance of reversal. Elon’s price has been trading near the lower band of Bollinger since mid of April while receiving a rejection from the 20-day SMA.
Conclusion
The market structure and price action for Dogelon Mars is highly bearish and is showing signs of short-term pullback. The 20-day SMA of Bollinger has been acting as a resistance for the Elon price. The technical indicators are strongly bearish and currently showing no signs of bullishness. .
Technical Levels
Major support: $0.00000020 and $0.000000180
Major resistance: $0.00000022 and $0.0000002450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/21/dogelon-mars-price-prediction-elon-price-in-high-bearish-trend/