Dogelon Mars Analysis: ELON Price Taking A Short Break, Will Its Rally Continue Or Dip More?

By Sunil Sharma
November 14, 2021 Updated November 15, 2021
Best In

Telegram

Newsletter

ELON token

The star of October crypto rally ELON token, which surged around 4000%, is currently in a consolidation phase. The technical outlook for ELON/USD still indicates a bullish trend as the coin is trying to sustain these higher levels. Watch out for these supports levels that can help the token to maintain this rally 

  • The ELON token price trying to hold above the 0.382 Fibonacci retracement level
  • The ELON token’s daily RSI showed a striking drop in its value
  • The intraday trading volume in the ELON token is $60.8 Million, indicating an a4.72% gain.

TradingView Chart

Source- ELON/USD chart by Tradingview

The ELON token showed an incredible rally in October, where the price gained more than 4000% from the month’s low. The token made a New All-Time High at the $0.00002675 mark and then entered a retracement phase. 

This moderate pullback managed to sustain above the 0.618 Fibonacci level and is showed a decent recovery in its technical chart. Moreover, the 20 EMA line is also providing strong support to the ELON token price.

The Relative Strength Index value at 57 indicates a bullish sentiment still intact for the ELON token. However, the RSI line displayed a considerable drop in its value for a minor retracement phase, suggesting weakness in this rally.

ELON/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- ELON/USD chart by Tradingview

The ELON token in this lower time frame chart suggests a possibility of forming a bearish head and shoulder pattern, indicating a great sell opportunity for crypto traders. The current price of this coin is at the $0.0000017 mark, with an intraday gain of 1.61%

The neckline for the pattern is present at the $0.000001475 mark, and the crypto should wait for a decisive breakdown from this support level before they take a new position in the crypto market. 

.

 

 

 

 

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story