Dogelon Mars (ELON/USD). What’s up with the meme coin that is now attracting a huge following?
Dogelon Mars token rose by double digits on Monday
Fantasy sports platform Rage Fan has announced a partnership with Dogelon
ELON could make gains if buyers defend crucial support at $0.0000003
Elon Musk-inspired Dogelon Mars (ELON/USD) creates shock waves. The cryptocurrency gained by double digits on Monday, with investors showing strong interest. Trading volumes on the little-known cryptocurrency were up 400% during the day.
The gains in the Dogelon Mars token were boosted by cryptocurrency news during the weekend. Fantasy sports platform Rage Fan has announced a partnership with Dogelon. The collaboration will introduce blockchain gaming to individuals who own ELON. Rage Fan said it was introducing a free Call of Duty tournament for ELON holders to celebrate the partnership.
Dogelon token is also gaining a huge following. It already has a cool 454k followers on Twitter. Perhaps the name combination, Dogecoin+Elon, will help aside from the Rage Fans partnership. We all know the growing speculation surrounding Elon Musk’s use of Twitter on digital payments. Investors might therefore view ELON as the next big thing in the meme space after Dogecoin. This is all speculation, but one thing is certain. Dogelon Mars is building a fanatical community, which could grow as the project finds more utility in the crypto space. Let’s take a look at the technical bits of it.
ELON corrects after a rise within a day
ELON/USD chart by TradingView
A technical outlook on the daily chart shows ELON correcting after breaking to $0.0000004. The 20-day and 50-day moving averages joined a support for the cryptocurrency. The RSI also remains above the midpoint, indicating the strength of the buyers.
Will ELON go higher?
A retest of the $0.0000003 support followed by bullish price action could attract bulls. Investors will again aim for the $0.0000004 or higher resistance to $0.0000005.
If you are looking for it buy ELON, you might consider a little patience with bullish reversal signals. Developments surrounding the project, as well as that of Dogecoin, could also be potential bullish triggers.
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