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Dogelon Mars (ELON) isn’t just another meme coin. In fact, its crypto team shows off this ERC-20token as a universal currency.
The ELON token has been growing aggressively and has seen a phenomenal growth spurt of 6.15% overnight.
The ELON meme coin currently trades at $0.0000003618. To date, investors are trying to zero in on the Dogelon Mars (ELON) value at the lower price levels as it forms a symmetrical triangle pattern on the current price charts.
As of press time, it looks to form a continuation pattern that could likely invite a breach on the upside.
Dogelon Mars (ELON) follows suit with that of Bitcoin, Ethereum, and other cryptocurrencies in the green as the new meme coin on the block has soared by 62%.
What’s The Dogelon Mars (ELON) Project?
The ELON project is said to have this dream or mission of reversing the damage inflicted by crypto fraud and scams. Evidently, the Dogelon Mars (ELON) community also donates ELON tokens to crypto scam victims.
Dogelon Mars (ELON) is inspired by a comic series NFT character. The dog-themed meme coin that is built on the Ethereum blockchain was introduced in the crypto scene on April 23, 2021, but it exploded in popularity when it had its bull run in November 2021. The crypto team also elaborated on their plans for expanding the ELON project.
Judging by the technical analysis, the ELON meme coin has been gliding with a symmetrical triangle pattern for over 62 days. This is definitely exciting to watch especially as the tension gyrates in between the support and resistance trendlines. In effect, the bulls and bears are in a constant struggle to see where the price leaps next.
Will ELON Make It Or Break It?
So, if the bulls remain consistent with the positive price momentum then we will most likely see a breach that may result in an ELON price surge of 78.6%. The target for this bullish perspective is $0.0000006448.
In contrast, traders should anticipate that they’re bound to face enormous resistance to the ELON meme coin at the $0.000000502 zone which is mainly due to the swing-low depicted from January 22 of this year which has switched into resistance.
Apart from the symmetrical triangle pattern, there is also an appearance of a hammer candle coined as bullish which was seen on a weekly chart.
For most parts, the hammer candle can be spotted at the end of a downward trend. However, the strong buying momentum has caused the ELON meme coin price to soar.
In the event that Dogelon Mars (ELON) coin beaches the resistance level, the price surge will most likely continue. However, given the influx of macro-economic factors hindering a bull run, it could be a make-it or break-it outcome at this point.
Crypto total market cap at $1.08 trillion on the daily chart | Source: TradingView.com Featured image from Watcher Guru, chart from TradingView.com
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Image and article originally from www.newsbtc.com. Read the original article here.