- Dogelon Mars price has formed a falling wedge pattern on the daily chart.
- It will likely have a strong bullish breakout in the coming days.
Dogelon Mars price has risen in the past three straight days as cryptocurrencies rebound. ELON rose to a high of $0.0000003, which was the highest level since September 20th of this year. It has jumped by more than 33% from the lowest level this year.
Why is ELON rising?
Dogelon Mars is one of the popular meme coins that were launched in 2021 as Dogecoin price surged. It is a cryptocurrency that simply makes it possible for people to send funds to each other. It is supported by Methuselah Foundation.
According to CoinMarketCap, Dogelon Mars has a total market cap of over $154 million, making it the 157th biggest coin in the world. At its peak, Dogelon had a market cap of over $1.2 billion. Other meme coins that came at the time were Shiba Inu, Floki Inu, and Pinkie Inu among others.
Dogelon Mars price is rising as cryptocurrency prices bounce back. Bitcoin managed to move above $20,000 while the total market cap of all cryptocurrencies rose to above $1 trillion.
Another catalyst for the ELON price is the indication that Elon Musk will go on with his acquisition of Twitter after all. According to the WSJ, banks have started moving the funds to an escrow account before the deal is finalised.
Recently, there have been concerns about whether the deal will close. Last week, it was reported that the Biden administration will block the deal based on security concerns. The reports cited the fact that the deal was funded in part by people from China and Saudi Arabia.
Elon Musk’s purchase of Twitter is important for Dogecoin and Dogelon Mars. For one, Musk is one of the biggest supporters of Dogecoin. He has also talked about incorporating Dogecoin in Twitter, a platform with over 300 million users.
Dogelon Mars price forecast
The daily chart shows that the ELON price has been in a strong bearish trend in the past few months. Most recently, we see that the coin has formed a falling wedge pattern, which is usually a bullish sign. Indeed, it has now managed to move above the upper side of the wedge.
Dogelon Mars has also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen close to the overbought level. Therefore, the coin will likely have a bullish breakout as buyers target the next key level at $0.00000035.
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