Dogelon Mars (CRYPTO: ELON) is trading higher Friday as it pushes higher with the rest of the cryptocurrency market.
The Elon Musk-themed crypto is seeing bullish momentum as it trades in sympathy with Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE). The coin is nearing the end of a technical pattern and could see a strong bullish move if it's able to break above resistance.
Dogelon was up 15.35% at $0.000000932 at time of publication.
See Also: How To Buy Dogelon Mars
Dogelon Daily Chart Analysis
- The crypto is forming into what traders call a pennant pattern as it is squeezed between narrowing support and resistance lines. If the crypto can see a breakout past resistance, it could start to form a bullish trend and see a strong move upward.
- The crypto trades below the 50-day moving average (green) but above the 200-day moving average (blue), indicating the crypto is trading in a period of consolidation. The 50-day moving average may act as resistance, while the 200-day moving average may hold as an area of support.
- The Relative Strength Index (RSI) has been forming higher lows and climbing the past few weeks and now sits at 46. This shows that the crypto is seeing more and more buyers enter the market although there still remains slightly more sellers overall.
What’s Next For Dogelon?
Dogelon Mars is nearing the end of a pennant pattern and is bound to make a large move in the next couple of weeks. If the crypto can cross above resistance and hold, it could see a strong bullish move. If it falls and holds below support, it could see a strong bearish move.
Bullish traders want the crypto trade with higher lows and see the RSI climb higher before breaking above resistance. Bearish traders want to see the crypto lose steam on the RSI and fall back toward the oversold region before falling below the support level.
