bitcoinBTC/USD
$ 19,187.95
ethereumETH/USD
$ 1,070.78
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.451813
xrpXRP/USD
$ 0.322541
usd-coinUSDC/USD
$ 1.00

Dogelon Mars Price Prediction February 2022: Will ELON Reach 1 Cent in February?

Dogelon Mars Price Prediction February 2022: Will ELON Reach 1 Cent in February?

ELON Technical Analysis – February 2022

Over the past few weeks, the price of ELON has been overall bearish. The price has declined by around 80% ever since it hit an all-time high at $0.0000026. In the last few days of 2021, ELON had another surge in the price of around 100%, indicating a trend reversal. Nonetheless, the price encountered resistance at $0.0000019, forming a double top, and going further down. 

Since ELON is currently in a downtrend, we could expect the price to keep declining in the coming days. It has declined by around 70% in January of 2022 alone. Nonetheless, it has recently found support at $0.0000005. Because of that, the price is currently having a bullish impulse, but t may soon face resistance once again in the coming days. There is also a lot of fear in the fear and greed index for ELON. However, extreme fear often leads to reversals.

Dogelon Mars monthly analysis
ELON/USDT 1-Day Chart.

Key Structures

Support

  • $0.00000051

Resistance

  • $0.000001

Indicators

Moving Average

The 20-MA of a 1-day chart is quite above the current price of ELON. This suggests that ELON is in a downtrend and that the price could keep declining, other things equal.

The 9-EMA of a 1-day chart is also currently above the price of ELON, indicating that the trend is bearish in the short run and that the price could keep declining in the coming days. The EMA line could also act as resistance if the price triest to have another go upward.

Relative Strength Index

The RSI of a 1-day chart recently hit below 30. This indicated that ELON became oversold. Hence, the price has recently increased in the last few days. Nonetheless, the RSI suggests that ELON is quite bearish, but there is also plenty of room for growth.

Dogelon Mars relative strength index
ELON/USDT 1-Day Chart RSI.

MACD

The MACD of a 1-day chart is below the signal line and below the baseline. Judging by this indicator, the momentum is bearish for ELON and the price could decrease in the coming days. Due to the recent correction of the price, the lines have slightly converged, but ELON remains bearish in the short run.

Dogelon Mars MACD.
ELON/USDT 1-Day Chart MACD.

Fibonacci

The Fibonacci retracement levels of a 1-day chart suggest that the price is currently increasing and retracing. Other things equal, ELONcould face resistance at around the 38.2% level, but the 61.8% could also prove to be a strong structure. Hence, for ELON to reverse, breaking these two structures is essential in the coming days.

Dogelon Mars Fibonacci Levels.
ELON/USDT 1-Day Chart Fibonacci Levels.

Price Prediction ELON  – February 2022

Based on this technical analysis on Dogelon Mars (ELON), the price of ELON could slightly increase in the shorter run. However, it could be stopped at around $0.00000096. After that, the price could go further down to around $0.0000003. Nonetheless, if ELON breaks our projected resistance, then the price could as well go to around $0.0000015 once again in the coming days. Nonetheless, ELON remains bearish entering February, other things equal.

Latest News for ELON  – Affecting Price

Recently, there has been plenty of Twitter exchanges between the likes of Elon Musk, one of the most influential people in the crypto market, and McDonald’s one of the biggest fast-food companies in the world. 

Musk, who is a long known supporter of Dogecoin, publicly stated that he would be willing to have a McDonald’s happy meal on TV if McDonald’s would accept payments in DOGE. This created a lot of stirring for DOGE and all the other memecoins, including Dogelon Mars, whose name comprises both DOGE and Elon. 

McDonald’s then replied that they would be willing to do that if Elon Musk’s Tesla would accept payments in GrimaceCoin, which was just launched, presumably by McDonald’s. 

Grimace then experienced a 100x increase within hours of launching, hinting at the influence that both Elon and McDonald’s could have in the crypto market. 

Therefore, despite the bearish tendency that ELON currently has, the trend could easily reverse if the likes of DOGE keep getting this kind of exposure in social media. If the trend reverses, then ELON could easily enter in the top 100 rankings once again considering the momentum it can build.

Also read:

Related News

Will KuCoin Token Reach $100 in 2022 – KuCoin Price Forecast

KuCoin is a popular cryptocurrency exchange because of its cheap fees and extensive range of features. The platform allows you to trade in futures and margin products, using a vast variety of tokens to pick from. The crypto exchange also has a native coin KuCoin Token (KCS). KuCoin’s numerous features, low costs, and wide range of cryptocurrencies make it a great choice for experienced cryptocurrency traders. But what about its

Read More »
Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

ETH Technical Analysis – May 2022 Ever since hitting an all-time high in November of 2021 at around $4,800, the price of Ethereum (ETH) has been in a downtrend. Initially, the price declined by around 26%, and ETH ended the year at $3,500. That bearish momentum continued in January as well, where ETH declined by almost 45% in January alone. However, ETH managed to find support at $2,160, which then

Read More »
Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

BTC Technical Analysis – May 2022 Ever since Bitcoin (BTC) reached its all-time high in November of 2021 at around $69,000, the price has been in a downtrend. The price initially declined by more than 30%. BTC ended the year at around $50,000.  In 2022, BTC maintained that similar approach, where the price declined by an additional 35% in the first few weeks of the year. After finding support at

Read More »

My Coins

bitcoinBitcoin
$ 19,187.950.3%
ethereumEthereum
$ 1,070.781.04%
cardanoCardano
$ 0.4518130.42%
tetherTether
$ 1.000.03%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org