The star of the cryptocurrency world in October “ELON“Although it has experienced an increase of around 4000%, it seems to have entered a consolidation phase at the moment. ELON/USD The technical outlook on the pair may still be bullish as ELON tries to sustain these highs. In this article, we have compiled the support levels that can help the token maintain this rally.
Details to Know
- ELON The price is struggling to stay above the 0.382 Fibonacci retracement level.
- The daily RSI level of the token dropped significantly.
- The token’s intraday trading volume stands at $60.8 million, which represents an increase of 4.72%.
ELON The price had an incredible rally in October, where it gained more than 4000% from its monthly low. The token hit an all-time high (ATH) at $0.000002675 and then entered a pullback phase.
This “moderate” retreat, 0.618 Fibonacci retracement levelIt managed to stay above the level and showed a good recovery on the technical table. Also, 20 EMA line also continues to provide strong support to the ELON token price.
The relative strength index (RSI) is currently at 57, indicating a bullish sentiment for the ELON token. However, the RSI line showed a significant bearish for a minor retracement phase, indicating weakness in the rally.
ELON/USD 4-Hour Time Chart
The narrower timeline ELON price chart also includes the possibility of forming a bearish “head and shoulders pattern” that signals a great selling opportunity for crypto traders. The price is currently trading at $0.0000017 level with 1.61% gains.
The neckline of the pattern is located at the $0.000001475 mark, and a move to be decided from a support level should be expected before taking a new position in the crypto market.
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.