Dogelon Mars – ELON continued to show a lot of weakness after failing to extend bullish actions above the $0.0000006 level. Due to a series of price rejections, the meme coin is now trading around the crucial $0.000043 support as it prepares for further decline.
After Elon recorded a massive gain to reach the $0.00000266 level – the current all-time high – the price fell and continued to register losses due to the sudden drop that hit the entire market Last year. This decline has resulted in months of pain for hodlers.
In late October, the price suddenly rose after recovering from the long bearish condition as it regained momentum after an impressive growth of over 100% in just 6 days. This price growth was due to the surge in Dogecoin prices, which also had a positive and considerable impact on the overall crypto market. Now that Dogecoin’s volatility has recently dropped, Elon is losing momentum.
At press time, the price is down nearly 14.87% in the past 7 days after witnessing a series of rejections as exhaustion set in on the bull side. Although the trend still looks bullish on the daily chart.
But the bears could take control if the bulls fail to defend the $0.00000023 level, currently acting as yearly support. Such a scenario could reactivate the long downward trajectory that began in mid-2021.
Elon (LUCUSDT) price analysis on a 4-hour chart
Looking at the bearish pattern on the 4-hour chart, the multiple candle wick suggests that sellers are lurking around the corner. The main focus here is the $0.000000377 support level. If the price turns lower, the next support levels to watch are $0.000000295 and $0.000000269 respectively.
Elon bulls are currently weak. If they show any reaction to the current price actions, we can expect a retest at the $0.0000005 level where the white resistance line forms. A rise above this resistance line would trigger a further rise towards the previous resistance level of $0.00000058. We can then watch for a higher resistance level at $0.00000063.
Key resistance levels: $0.0000005, $0.00000058, $0.00000063
Main support levels: $0.000000377, $0.000000295, 0.000000269
- Spot Price: $0.00000043
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in projects.
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Image source: Sajad Nori on Unsplash // Image effects by colorcinch