After outperforming Shiba Inu & Dogecoin, can Dogelon Mars rally by another 25%?

Lavina Daryanani

Riding on the back of major Russian development, Bitcoin’s price glided to $44k on Friday. Most altcoins replicated the king coins move impulsively, but as the day proceeded, most of them were back on their respective consolidation tracks.

Dogecoin, for instance, was down by 3.5% in the day’s trade, while Shiba Inu was down by almost 1%. Dogelon Mars, however, continued to flash green figures on its charts even at the time of press. Owing to the 10% daily spike, ELON’s market cap stood north of $447.9 million.

Source: CMC

Can Dogelon Mars climb another step up?

Despite the sentiment remaining positive in the Dogelon market, the trade volumes have not picked up the pace. As can be noted from the chart attached, the curve of this metric remains to be flat relative to the recent peaks noted. Over the past day, merely 3 trillion tokens were traded when compared to 21 March’s 6 million.

Source: ITB

Among the traded tokens, however, the ones corresponding to the buy-side managed to overshadow the ones associated with the sell-side. Over the past 1 hour alone, for instance, the buy-sell side difference noted a positive value of close to 290 billion tokens. The same reflected a value of 523 billion on the 12-hour timeframe, indicating that bulls were in control of the state of affairs in the ELON market.

Source: ITB

Owing to the presence of buying bias present in the Dogelon Mars market, the token has been trading above its Simple Moving Average of late. However, for its rally to continue, it would have to overcome an immediate resistance.

Despite claiming a daily high of $0.000000851, ELON wasn’t able to establish a strong ground for itself above the 23.6% Fib level at $0.000000828. It was back to trading at $0.000000800 at the time of press. Notably, the same Fib level had impeded Dogelon from carrying forth its uptrend a fortnight back.

Thus, only if bulls manage to make their presence felt, even more, ELON would be able to climb above the said barrier. If that happens, Dogelon would be in a position to pull off another 24% rally before being tested at $0.000001030 next.

However, if favorable momentum evaporates from the market, then ELON would continue consolidating in the range between $0.000000659 and $0.000000775 before re-gearing for another leg up.

Source: TradingView