Dogelon Mars Price Nears Golden Cross: Is A 73% Jump Coming?

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Dogelon Mars

Highlights

  • Dogelon Mars token has soared and is about to form a golden cross pattern.
  • This pattern forms when the 200-day and 50-day moving averages cross each other.
  • There are rising odds that the ELON token will retest the YTD high if it happens.

Dogelon Mars price surge continued, reaching its highest level in over seven months as Elon Musk-themed crypto tokens roared back. ELON token soared to $0.00000026, up 132% from its lowest level in September. Technicals point to more upside, with Dogelon nearing a golden cross pattern, a popular bullish sign.

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Dogelon Mars Price Analysis As The Nears Golden Cross

The daily chart shows that the ELON token price found a strong bottom at $0.00000011, where it formed a double-bottom pattern whose neckline was at $0.0000001558. This is one of the most common bullish reversal patterns in technical analysis.

ELON price is also about to form a golden cross as the spread between the 50-day and 200-day Exponential Moving Averages (EMA) narrow. In most periods, this pattern often leads to more gains. For example, the last time the cross happened was in March, and Dogelon jumped by 68% to the year-to-date high of $0.00000041.

Notably, the golden cross has already happened when using the Weighted Moving Average (WMA) indicator. The WMA and EMA are often seen as better types of moving averages because they put more emphasis on recent data. Their difference is that in WMA, the weights decrease linearly as the calculation goes back in time, while in EMA, the weights decrease exponentially. 

Dogelon Mars token is also nearing the 50% Fibonacci Retracement level, which is a positive sign. The Average Directional Index (ADX), one of the best measures for trends, has risen to 40, meaning that the trend is strengthening. 

Therefore, the Dogelon Mars token price will likely continue rising as buyers target the year-to-date high of $0.000000417, which is about 73% above the current level. This view will be confirmed if the token rallies above the 61.8% retracement level at $0.00000030. 

A drop below the 23.6% retracement point at $0.00000018 will invalidate the bullish view and raise the possibility of it retesting the year-to-date low.

Dogelon Mars Price Chart
Dogelon Mars Price Chart
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Elon Musk Themed Tokens Are Soaring

Dogelon Mars price surge happened as investors rotated back to tokens themed after Elon Musk, the richest person on earth. According to CoinGecko, the total market cap of all Musk tokens has jumped to $45.883 billion. 

Dogecoin price has pumped by 100% in the last seven days, while Department of Government Efficiency, Grok, Terminus, and Melon Dog have risen by 306%, 82.5%, 102.7%, 70%, and 140%, respectively.

This price action is mostly because of Donald Trump’s victory and Musk’s role in it since he was one of his biggest financiers. This has also happened since Musk’s net worth jumped to over $314 billion.

Meanwhile, the number of ELON holders is rising. According to Coincarp, the number of holders jumped to 153,128 on Monday, slightly higher than 152,300 in the same period last month.

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Frequently Asked Questions (FAQs)

1. What Will Happen If Dogelon Mars Forms a Golden Cross?

Dogelon Mars price will likely continue its strong rally if it forms a golden cross chart pattern. Such a move will point to more gains to the year-to-date high of $0.00000041.

2. Which Will Be The Catalyst For The ELON Price?

The main catalysts for the ELON token will be inflows to Elon Musk tokens, Federal Reserve cuts, and the ongoing Bitcoin rally.

3. Which Are The Other Popular Musk Tokens?

The other popular Elon Musk-themed coins are Dogecoin, Grok, and X Empire.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.