Over the past week, Dogelon Mars (ELON) has been one of the main meme coin performers. The toke is up nearly 40% in a week or so and has shown significant bullish momentum. But how long can it sustain gains before a major sell-off? More analysis in the post but here are some important facts first.
Dogelon Mars has outperformed the entire market by almost 15% in the past week.
The coin has closed higher in the last four days in a row
In the last two days alone, ELON has surged by over 25%.
Data Source: Tradingview
Dogelon Mars (ELON) – Can bulls maintain the uptrend?
Despite this recent surge, it seems like the price action has been bouncing off two crucial support and resistance zones. In fact, ELON has tried to surge past the overhead resistance zone of $0.0000012, but bulls have not managed to get enough demand. The coin is however getting closer and closer and could break through in the coming days.
If this happens, then we should have a sustained upward breakout that could deliver minimal gains of about 30%. Also, the sentiment in the crypto market is showing good signs. This means that investor appetite towards meme coins, which are largely speculative assets, is returning. For this reason, it is likely that in the near term, ELON will report more and more gains.
Is Dogelon Mars a good buy now?
The key for short-term traders is to watch the $0.0000012 price. If the meme coin can rise above this, then it is likely that more gains will come. We are looking at an upswing of around 30% before any pullback.
So, with that in mind, Dogelon is a good buy. But from a long-term point of view, it would be best to wait until sentiment in the crypto market has fully stabilised before jumping in.