Is A 73% Jump Coming?

Dogelon Mars price surge continued, reaching its highest level in over seven months as Elon Musk-themed crypto tokens roared back. ELON token soared to $0.00000026, up 132% from its lowest level in September. Technicals point to more upside, with Dogelon nearing a golden cross pattern, a popular bullish sign.

Dogelon Mars Price Analysis As The Nears Golden Cross

The daily chart shows that the ELON token price found a strong bottom at $0.00000011, where it formed a double-bottom pattern whose neckline was at $0.0000001558. This is one of the most common bullish reversal patterns in technical analysis.

ELON price is also about to form a golden cross as the spread between the 50-day and 200-day Exponential Moving Averages (EMA) narrow. In most periods, this pattern often leads to more gains. For example, the last time the cross happened was in March, and Dogelon jumped by 68% to the year-to-date high of $0.00000041.

Notably, the golden cross has already happened when using the Weighted Moving Average (WMA) indicator. The WMA and EMA are often seen as better types of moving averages because they put more emphasis on recent data. Their difference is that in WMA, the weights decrease linearly as the calculation goes back in time, while in EMA, the weights decrease exponentially. 

Dogelon Mars token is also nearing the 50% Fibonacci Retracement level, which is a positive sign. The Average Directional Index (ADX), one of the best measures for trends, has risen to 40, meaning that the trend is strengthening. 

Therefore, the Dogelon Mars token price will likely continue rising as buyers target the year-to-date high of $0.000000417, which is about 73% above the current level. This view will be confirmed if the token rallies above the 61.8% retracement level at $0.00000030. 

A drop below the 23.6% retracement point at $0.00000018 will invalidate the bullish view and raise the possibility of it retesting the year-to-date low.

Elon Musk Themed Tokens Are Soaring

Dogelon Mars price surge happened as investors rotated back to tokens themed after Elon Musk, the richest person on earth. According to CoinGecko, the total market cap of all Musk tokens has jumped to $45.883 billion. 

Dogecoin price has pumped by 100% in the last seven days, while Department of Government Efficiency, Grok, Terminus, and Melon Dog have risen by 306%, 82.5%, 102.7%, 70%, and 140%, respectively.

This price action is mostly because of Donald Trump’s victory and Musk’s role in it since he was one of his biggest financiers. This has also happened since Musk’s net worth jumped to over $314 billion.

Meanwhile, the number of ELON holders is rising. According to Coincarp, the number of holders jumped to 153,128 on Monday, slightly higher than 152,300 in the same period last month.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.