Dogelon Mars (ELON) isn’t just another meme piece. In fact, its crypto team presents this ERC-20 token as a universal currency.
The ELON token has grown aggressively and experienced a phenomenal growth spurt of 6.15% overnight.
The ELON meme coin is currently trading at $0.0000003618. As of today, investors are trying to focus on Dogelon Mars (ELON) value at the lower price levels, as it forms a symmetrical triangle on the current price charts.
At press time, it appears to be forming a continuation pattern that could likely invite a breakout to the upside.
Dogelon Mars (ELON) follows Bitcoin, Ethereum and other cryptocurrencies in the green as the new meme coin on the block soared 62%.
What is the Dogelon Mars (ELON) project?
The ELON project would have this dream or mission to reverse the damage inflicted by crypto fraud and scams. Obviously, the Dogelon Mars (ELON) community also donates ELON tokens to victims of crypto scams.
Dogelon Mars (ELON) is inspired by a character from the NFT comedy series. The dog-themed meme coin that is built on the Ethereum blockchain was introduced to the crypto scene on April 23, 2021, but its popularity skyrocketed during its November 2021 bull run. to expand the ELON project.
Judging from the technical analysis, the ELON meme coin has been sliding with a symmetrical triangle pattern for more than 62 days. It’s really exciting to watch, especially as the tension rotates between the support and resistance trendlines. This is because the bulls and bears are in a constant struggle to see where the price will jump next.
Will ELON make it or break it?
So, if the bulls remain consistent with the positive price momentum, we will most likely see a breakout that could see ELON prices surge 78.6%. The target for this bullish outlook is $0.0000006448.
On the other hand, traders should anticipate that they will face huge resistance in the ELON coin in the $0.000000502 area, mainly due to the swing low represented from January 22nd this year which is passed to the resistance.
Besides the symmetrical triangle pattern, there is also the appearance of a coined bullish hammer candle that was seen on a weekly chart.
For most coins, the hammer candle can be spotted at the end of a downtrend. However, the strong buying momentum drove the price of the ELON meme coin up.
In case the Dogelon Mars (ELON) coin reaches the resistance level, the price surge will most likely continue. However, given the influx of macro factors impeding a bull run, this could be a game-changing or game-breaking outcome at this stage.
Crypto total market cap at $1.08 trillion on the daily chart | Source: TradingView.com Featured image from Watcher Guru, chart from TradingView.com