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- The bullish pennant on the 4-hour chart could point to a short term price push, but the declining tops point to a medium-term correction.
The Dogelon price prediction shows that there may still be life in the ELON/USDT pair, following price evolution on the 4-hour chart. However, the daily chart may also cause concern, as the progressively declining tops on the daily candle could point to a steeper correction.
Dogelon Mars is one of the Dogecoin meme coins, coined from “Doge” and the last three letters of Elon Musk’s first name. The ELON/USDT pair benefitted from the astronomical gains posted by the Doge meme coins last week, rising 360.7% on the week. It has had an underwhelming opening to the day, trading basically flat.
As price thins out into a bullish flag on the 4-hour chart, what is the Dogelon price prediction going forward?
Dogelon Price Prediction
Following the rejection at 0.000002352, the ELON/USDT pair has retreated on the day as part of a corrective pullback. This pullback found intraday support at 0.000001886. This is the price mark that bears need to take out to retest the 0.000001666 support. Additional price targets to the downside lie at the 19 October high of 0.000000742 and 0.000000439.
On the other side, recovery on the ELON/USDT pair requires a break of 0.000002352 and a record high at 0.000002670. This move would fulfil the bullish pennant’s breakout, targeting a potential measured move at 0.000003660 (100% Fibonacci extension from the price swing of 28 October, 30 October and 31 October.
ELON/USDT: 4-Hour Chart
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