Table of contents
ELON coin price forms a descending triangle pattern with a highly influential resistance trendline traveling with a solid supply zone.
Key technical points:
ELON price approaches the $0.000000625 mark.The Memecoin projects the possibility of triangle breakout. The 24-hour trading volume of Dogelon Mars is $6 Million, marking a 10% rise.
Past Performance of ELON
ELON coin price shows a long-coming resistance trendline in action resulting in a descending triangle pattern. The downfall has breached the 200-day EMA and approaches the support level of $0.000000625. However, the recent rise of 3% and the price action refusing to diverge away from the trendline increases the bullish hope.
ELON Technical Analysis
ELON coin price may shortly hit the bottom of the triangle pattern as the supply zone moving along the trendline refuses to budge. After that, however, an extremely bullish rally could be expected with the trendline breakout.
The downsloping EMAs(20, 50, and 100) indicate the traders are aggressively selling the coin. In addition, the coin chart shows a possibility of a 50-and-200-day death crossover, encouraging the ongoing sell-off.
RSI Indicator: Despite a lower low formation in price action, the RSI slope holds above 37.5%, indicating a slight weakness in bearish momentum. Overall, the string shows a sideways rate with no presence of divergence.
MACD Indicator: The MACD and signal ` in the negative territory, indicating the overall sentiment as bearish.
In short, ELON technical analysis maintains a neutral outlook as the price action remains the critical trendsetter along with the market sentiment for Memecoins.
ELON coin price could break the support base of the triangle pattern, resulting in a 20% downfall to the $0.00000050 mark. However, the bullish breakout of the descending triangle could result in a 30% price jump to the $0.000000935 and help avoid the death cross.
Resistance Levels: $0.000000784 and $0.000000935
Support Levels: $0.000000628 and $0.00000050