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- ELON/USDT is down 93% from its all-time high.
- ELON/USDT recorded an all-time-low of $0.0000001488.
DOGELON MARS is trading at $0.0000001832. The price is down by1.81% in the last 24H. The 24H trading volume saw a fall of 49.62%. The Total Market Cap is $100,672,081.
DOGELON MARS is carving out new lows as the prices fall. ELON is extremely bearish and investors are losing confidence with time. The price recently created a new all-time low of $0.0000001488. A decent recovery of 23% is emerging as a small ray of hope. Price is trading 36% below the daily 200 EMA.
A Moderate bounce from the all-time low.
The Daily chart represents a strong downtrend. The bears started their dominance when the bulls failed to breach $0.0000005. ELON prices took a hit of 70% and the Bears forced the price to create a new all-time low. Investors are struggling to hold the asset as it is taking a toll on their portfolio and are preferring to sell.
A moderate bounce is reviving some hopes for the Bulls. If the prices continue to recover , the buyers will have to overcome the resistance of $0.0000002316. The overall trend can change if the price flips the Daily 200 EMA.
The 4h Chart shows a small uptrend.
On the 4H chart, The price saw some bullish action as the price broke out of the descending channel. ELON saw a spike of 15% just as the price collided with 200 EMA. The sell-pressure immediately forced the price below the 200 EMA. A new higher high on the 4H is a sign of recovery after a long bearish session.
Overall trend remains bearish as the market is filled with trapped buyers looking for a decent price to exit in minimum losses. Meanwhile, some inventors are looking to gamble as the prices are already low and the upside potential is very high. The Current situation makes this asset extremely risky and nothing less than a gamble.
RSI: The RSI indicator is currently at 59..04 on the 4H and the RSI has Crossed the MA line towards the downside. This indicates sideways to a potential downside.
MACD: The MACD indicator is above the 0 line and is about to make a bearish crossover. It means the prices can correct or move in the downard directions.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
DOGELON MARS is falling down while creating new lows. This creates concern regarding the future of the asset. The Recent bounce can initiate a recovery phase. The low prices may still attract buyers who are looking to gamble a small amount as the upside potential is huge. The new all-time low will be acting as a support. A further breakdown can drive the prices to uncharted territory and therefore the investors must follow a good risk-management strategy.
Technical levels
Support Levels: $0.0000001448 – Support 1
Current Price: $0.0000001832
Resistance Levels: $0.0000002316- Resistance 1
$$0.0000003078 – Resistance
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
