Dogelon Mars Price Analysis & Prediction (Feb 6th) – Elon is Likely to Activate Bull Run if This Structure Breaks

2023-2-7 10:48

Dogelon formed a bullish pattern after it found a bottom at $0.000000244 in late 2022. Following this week’s surge in volatility, it has registered roughly 30% gains so far.

Elon has joined other high-cap gems on recovery in the past month. But due to the lack of interest, the crypto lagged and witnessed a shrink in volatility while it struggled to rise.

The recovery later became significant after the coin rebounded at $0.00000033 earlier this week. This further led to a breakthrough at the $0.00000037 level following the notable gain.

Now that volatility has started to flow into the market, Elon witnessed a dramatic increase in the past 48 hours and still charging to break higher. Yesterday, the price surged to $0.00000046 but fell back due to a sudden rejection.

It now trades at around the $0.00000043 resistance level. The double-bottom pattern is well in play, with a potential target at $0.00001. Although Elon is yet to get out of the wood from a technical standpoint. It still needs to break out of structure at the $0.00000055 level.

A rejection at that price level might suspend the bullish rally until the level flipped. While Dogecoin and Shiba lead the pack in the meme coins market, Elon is ranked 4th by market cap with a 13% increase overnight.

ELON’s Key Levels To Watch Source: Tradingview

The current trading level seems to be suppressing bullish actions. The next area of interest above it is the breakout level mentioned earlier. Once these levels are bridged, the immediate resistance level can be located at $0.00000065 and $0.00000073 above it.

In case of a retest, the level to keep in mind for a rebound is the weekly break level of $0.00000037. A deep pullback could slip the price to $0.00000031 before rebounding. If these above price levels fail to provide support, it will navigate the $0.00000027 and $0.00000024 levels in the next drawdown.

Key Resistance Levels: $0.00000055, $0.00000065, $0.00000073

Key Support Levels: $0.00000037, $0.00000031, 0.00000024

Spot Price: $0.00000043 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: inueng/123RF // Image Effects by Colorcinch

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