Bitcoin (BTC) rose to the level of $ 44,000 with the effect of geopolitical developments. Most altcoins also managed to follow this rise, but this follow-up did not last long and returned to the consolidation phase.
Dogecoin (DOGE) lost 3.5% on the day, while Shiba Inu (SHIB) lost 1%. However, among all these altcoins, there was a remarkable meme coin, Dogelon Marswas still on the rise even at the time the news was being prepared. ELON continued to increase by 15% during the day, bringing its total value to more than 470 million dollars.
Can Dogelon Continue His Mars Ascension?
Despite the continued positive mood in the Dogelon market, trading volumes did not pick up pace. However, some time after these analyzes were prepared, the value managed to exceed 470 million. However, the total value may be slightly off the peaks. On the other hand, while 6 million tokens were traded on March 21, 3 trillion tokens were traded last day.
However, among the traded tokens, those corresponding to the buy side managed to dwarf those associated with the sell side. For example, in the last 1 hour alone, the buy-side spread has recorded a positive value close to 290 billion tokens. The same reflects a valuation of $523 billion on the 12-hour timeframe, suggesting that the bulls are controlling the situation in the ELON market.
Dogelon Mars (ELON) The token is trading above its recent simple moving average, also driven by the buying trend in the current market. However, for the rally to continue, it has to overcome a sudden resistance.
ELON failed to form a strong foothold above the 23.6% FIB level at $0.000000828, despite the daily high at $0.000000851. ELON started trading at $0.000000800 at the time of writing. Notably, the same Fib level prevented Dogelon from continuing the uptrend two weeks ago.
Considering all these factors, ELON will be able to climb above the mentioned barrier only if the bulls manage to make their presence felt even more. If that happens, Dogelon could experience another 24% rally before being tested next at $0.000001030.
However, if the momentum in the markets is lost, meme coin ELON It could continue consolidating between $0.000000659 and $0.000000775 before taking another step.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.