Dogelon Mars was amidst a short-term pullback after bulls failed to capitalize on an ascending triangle setup. If investors choose to offload their ELON holdings below the 23.6% Fibonacci level, safe haven would likely be found at a more reliable support zone between $0.000001200-$0.000001131.
Dogelon Mars Hourly Time Frame
Dogelon Mars was well set for a short-term burst this week after forming higher lows and steady highs within an ascending triangle. However, ELON saw a breakout in the opposite direction after bulls were hesitant to drive its price above the 61.8% Fibonacci level (calculated using ELON’s decline from $0.000001384-$0.000001233).
Moving forward, ELON was expected to reset between $0.000001200-$0.000001131 – a region that has held strong over the past couple of weeks. Until then, ELON would be vulnerable to short traders as the candles were below their hourly 200-SMA (now shown).
Indicators
ELON’s hourly RSI witnessed a breakdown of its own after failing to push above 58. The momentum indicator needed to slip further into the oversold territory before recovery is observed.
Sell signals were also active on the hourly MACD as the Signal line (orange) traded below the fast-moving line (blue). However, a double bottom pattern would be activated if the MACD slips by a few extra points.
Unsurprisingly, the SuperTrend indicator flashed a sell signal based on ELON’s press-time level (red zone). The index would switch to buy once the candles close above their 50% Fibonacci level.
Conclusion
Those wishing to buy ELON at an even cheaper price level should wait for the current pullback to run its course. Safer buy orders can be placed once ELON tags a support zone between $0.000001200-$0.000001131.