Following this week’s dip, Dogelon Mars found support and recovered slightly as the price slowly build-up. The bulls are showing interest in meme coins, but it appeared not strong enough to change the trend. The price went up by 5% today.
ELON continued to trade sideways after the price fell to a yearly low of $0.00000022 in June. As it appears now, the low is serving as support.
After the price revisited the above level this month, it recovered briefly to $0.0000003 today. Though, there’s no significant movement at the moment due to low volatility in the market. We can expect decent growth as soon as buying volume increases.
A double-bottom pattern appears to be slowly forming on the daily chart. For now, the bullish formation is unconfirmed yet. There’s still a need for the cryptocurrency to reclaim the resistance level of $0.00000032.
The asset attempted to flip the $0.0000003 level a few hours ago but failed to hold gains as the price cut slightly to $0.00000029. If the price closes above the resistance level this month, a mini pump is likely to occur towards the $0.00000055 level.
On the other hand, if the bears regroup and release selling pressure beneath the yearly low, a serious bloodbath can be expected. As of now, ELON remains indecisive due to the past days of choppy price actions.
ELON Price Analysis (ELONUSDT): Daily Chart
Should the bulls show a strong commitment and the price flips to the mentioned resistance. The $0.00000037 and $0.000000043 resistance levels would be the next area of interest. If the price increases higher, the $0.00000055 resistance level remains an important level for a breakout.
ELON is currently sitting on a yearly low of $0.000000244 and $0.000000222. Once these support levels break, the area of interest to watch out for is $0.00000016, as mentioned in our previous analysis.
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: inueng/123RF // Image Effects by Colorcinch
