ELONÂ Technical Analysis – November 2021
Monthly Analysis
Dogelon Mars has had quite a successful month, where an increase of 1000% was noticed. ELON reached an all-time high at $0.0000026. This increase made ELON climb the top 100 ranks based on market capitalization. A wedge pattern has emerged, indicating that the price may have a breakout soon.
Weekly Analysis
In the last 7 days, the price of ELON initially increased by 32%. After that, the price was stopped at $0.0000019. After that, the price has been declining. A decrease of 26% has occurred in the last few days.
Daily Analysis
In the intraday chart, the price of ELON has been bearish. The price has declined by 16% in the last 24 hours, but ELON has now started appreciating once again. The longer-term trend is still bullish for Dogelon Mars.
Key Structures
Support
- $0.0000014
Resistance
- $0.000002
Indicators
Moving Average
The 20-day moving average is now above the price due to the recent price retracement. This indicates that the trend is now downward and that the price of ELON could decline in the coming days.
The 9-day EMA is now also above the price, indicating that the price of ELON could keep decreasing in the short run and that the EMA line may act as a resistance structure.
Relative Strength Index
The RSI of a 1-day chart is now close to 50, indicating that ELON has room for growth after the recent retracement. The recent price decline was anticipated as the RSI went at 96 and way over the overbought region.
MACD
The MACD line of a 1-day chart is now also below the signal line, indicating that the momentum is now bearish and that the price of ELON could decline in the coming days.
Fear & GreedÂ
The fear and greed indicator of a 1-day chart suggests that the current emotion of ELON traders is still fear due to the all-time high being reached recently. However, if the price keeps retracing, traders of this timeframe could become bearish.
Fibonacci
The Fibonacci retracement levels suggest that ELON had found support at the 78.6% retracement level in the 1-day chart. This suggested that the price of ELON could have rebounded upwards, but it has failed to beat resistance at $0.0000022.Â
Price Prediction ELONÂ – November 2021
Based on this technical analysis on Dogelon Mars, we could see its price keep declining in the short run. However, the trend is still bullish for ELON in the longer run. The price could have a bullish breakout soon due to the wedge pattern forming. ELON could potentially reach a new all-time high and reach $0.000003. ELON could possibly go as high as $0.00001 in the coming weeks, especially if BTC maintains its bullish momentum.
Latest News for ELONÂ – Affecting Price
Dogelon Mars has recently been listed n StealthEx, which is a non-custodial crypto exchange. This provides more trading opportunities for the Dogelon Mars community. Furthermore, this could have a good effect on the price of ELON.
Also read: Dogelon Mars (ELON) Price Prediction 2022 and Beyond – Can ELON Eventually Hit $1?
