Key Takeaways:
- Dogelon coin ELON retested key resistance. What's next?
- ELON/USD price action printed bullish cues, along with several bearish warnings.
- The launch of Enigma NFT colllection could push the coin higher.
YEREVAN (CoinChapter.com) – Dogelon Mars (ELON) price surged 3% to $0.00000042 on March 1 after testing a pair of technical support levels with a history of capping the coin’s downtrend.
Strong Support Boosts Dogelon Mars Upside Prospects
The support confluence comprises two levels: an ascending trendline and a price range. The ascending trendline has served as a preferred buying zone for traders on each ELON price pullback since the beginning of 2023.
Meanwhile, the $0.00000041-0.00000043 price range (purple) acted as resistance during the June-August 2022 and the November-December 2022 session. It has now flipped to become support.
In addition to the confluence, ELON has formed two golden crosses on its daily chart, boosting its bullish prospects further.
Also read: The Fed’s Rate Hikes May Not End as Quickly as Anticipated.
For the unversed: A golden cross occurs whenever a short-term moving average (MA) crosses above a long-term MA. For example, the ELON daily chart printed a crossover between the EMA-20 and EMA-200 (blue wave) on Feb 12 and another crossover between the EMA-50 and -200 on Feb 23. Despite the confident bullish claim, the ELON coin flashed a warning that potential investors should consider.
Number of Dogelon bulls grows despite warning signs.
ELON’s daily relative strength index (RSI; purple graph at the bottom) shows a bearish divergence from the price action. In detail, while the price action printed higher lows, the RSI established lows at the same level. As a result, the deviation between the asset’s price and the RSI could signal a looming decline, setting a bearish target of approximately $0.00000039 or $0.00000038 before Sun, Mar 5.
However, should Dogelon Mars bulls double down, they could confirm the bullish scenario and reach above the support bar’s upper edge of $0.00000043 in the upcoming sessions. Meanwhile, the Enigma NFT launch could further favor the bulls, as announced on Feb 27.
On the 13th of March, the veil shrouding the Enigma shall be lifted. The Enigma will be revealed. Will you join us in this journey of discovery?
noted the platform.
Also read: Date From Hell? German Man Robbed Of $20K In BTC.
Additionally, the growing number of Dogelon users support the ELON coin price advance. According to cryptocurrency tracker CoinMarketCap, the total number of Dogelon coin wallets grew steadily for the previous three months and reached over 148,500 on Mar 1.
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