Dogelon Mars ( ELON ) Price Prediction: The Bulls must Overcome the Trendline
By Deya Hroob
- ELON Struggles from Fibonnaci Levels Weekly Chart.
- Bulls should push price to break the trend line Daily Chart.
- ELON has been trading in a rising channel 4H Chart
Dogelon Mars ( ELON ) skyrocketed to all time high in October 2021 when it reached $0.00000267, since then it started falling to as low as $0.000000515. At the time of writing this post , the price of ELON is $0.000000956.
Let's analysis ELON's charts in a deep view.
ELON Weekly Chart Analysis
If we take a look to the weekly chart, we can notice that the price bounced off the low of $0.000000515 in January 17 2022. Since then, it started to rise. The main hurdle for ELON is the 0.23 Fibonacci Level which the price failed to overcome it many times. This level is $0.000001.
Therefore, if we have a weekly closed candle above this level, the price may go the the next level of $0.00000133 and then to $0.00000158.
ELON Daily Chart Analysis
In the daily chart, ELON suffered much from the downtrend line , it's the main obstacle. If bulls can break up this trend line , it will be huge for ELON and we can see a rise to $0.0000018 level.
One positive thing is that ELON started to make higher lows and higher highs which is good, it's a bullish sign at least in the short term.
So, if you want to buy ELON or want to add up to your positions just wait a breakout of the trendline.
ELON 4H Chart Analysis
Let's move to 4h chart, in this chart , we will clearly see that the pair is trading in a rising channel. In such a pattern, we need to wait a breakout of the resistance line to buy. Also, it's a good idea to buy when the price hit the support line of the pattern.
The breakout of the pattern has a price objective of $0.0000018.