ELON Technical Analysis – March 2022
After the price of Dogelon Mars (ELON) hit an all-time high late in October of 2021 at a price of $0.0000026, the price of ELON went downhill. ELON initially declined by almost 70%, but it managed to make a recovery of 150%. Nonetheless, the price kept declining after that, and it went slightly below $0.000001.
Nonetheless, ELON had another surge upward by the end of December, increasing by more than 90% but facing resistance at $0.0000018. ELON started 2022 in a bearish manner, declining by 70% in the first three weeks of January, only to find support at $0.0000005.
In the last few weeks, however, ELON has been trying to rebound. But, the impulse wave fell short at $0.0000012, resulting in a lower high and suggesting a continuation of the downtrend. After that, the price had yet another decline of around 48%, finding support at $0.00000062.
As the price is currently in consolidation, fear is still the dominant factor in the ELON/USDT pair, and the 1-day chart suggests a triangle pattern forming from the recent price movement. This could lead to a breakout in the coming weeks. In a shorter time frame, ELON is slightly bullish, but it does not indicate that the longer-term trend could reverse. Hence, the price of ELON may keep declining in the coming weeks.
Key Structures
Support
- $0.00000062.
Resistance
- $0.000001
Indicators
Moving Average
Both the 50-MA and the 20-MA of a 1-day chart are currently above the price of ELON, indicating that the trend is still bearish and that the price of ELON could keep declining in the coming weeks/days.
However, the 9-EMA of a 1-day chart is now slightly below the price, meaning that ELON could increase in the short run and that the price of ELON could be supported by the EMA line.
Relative Strength Index
The RSI of a 1-day cart is currently below 50, and it indicates that there is plenty of room for the price of ELON to have another go upward. On the other hand, ELON may very soon find support if the price goes down after it leaves this consolidation phase.
MACD
The MACD line of a 1-day chart is currently below the signal line and below the baseline, meaning that the momentum is bearish for Dogelon Mars. Nonetheless, the lines have started converging recently, meaning that we could see a shift in momentum if the buying pressure maintains this rate in the coming days.
Fibonacci
The Fibonacci retracement levels of a 1-day chart suggest that the price of ELON hit resistance at the 50% Fibonacci level. While this might not be a widely recognized retracement level, it has proved to be quite reliable in the past. Hence, ELON could go below 0% in the coming days, other things equal.
Price Prediction ELON – March 2022
Based on this technical analysis on Dogelon Mars (ELON), the price of ELON could keep declining in the coming weeks of March. If support at $0.00000062 is broken in the short run, then we could see ELON go close to $0.0000001 in the coming weeks. Nonetheless, since the fear and greed index shows dominance in the fear aspect, this could eventually lead to a price reversal for ELON. However, it mostly relies on other market factors such as the price movement of BTC, other meme-based cryptocurrencies such as DOGE, etc.
Latest News for ELON – Affecting Price
Recent events regarding the heated situation between Ukraine and Russia have negatively affected the whole crypto space, including the likes of BTC, which then led to an overall bearish movement of the crypto market. With urgency unfolding in the world, people are selling their assets to have cash as the more liquid solution for such extreme situations. Nonetheless, Dogelon Mars is continually attempting to keep the spirits of its community positive.
With their poetic and artistic tweets about the fictional Dogelon Mars character that is the backbone of this ecosystem, the ELON team is attempting to diminish the FUD in its social media platforms.
History’s greatest pioneers stood at the galaxy’s edge and gazed into the dark unknown without flinching.
Bravery is taking a step forward into uncertainty, but knowing that you’re forging a path that the masses will follow.
— Dogelon Mars (@DogelonMars) February 27, 2022
It’s difficult to determine what may happen in the coming weeks for the crypto market. However, plenty of people are still HODLing and maintaining their positions in the crypto market. Other mining or trading regulations and changes in the nature of the war between Russia and Ukraine could affect the price of Dogelon Mars.
On a bullish note, Dogelon Mars is constantly teasing about more NFT updates. Recently, they implied that the ape-style NFTs, such as the Bored Ape Yacht Club (BAYC), is out of date and that more creativity is in order. Perhaps, Dogelon Mars is hinting at possible new NFTs in the coming weeks. If that’s the case, then we could easily see ELON have another spike upward in its price in the coming weeks.
As NFTs increase in popularity, I’ve become jealous by the dominant representation of primates.
I’ve been hard at work to change that. The future belongs to to the dog.🐶
— Dogelon Mars (@DogelonMars) February 9, 2022