The recent surge in the Dogelon Mars (ELON) price suggests that investor interest in the dogcoins is increasing once again. This also shows that the risk appetite of the crypto traders has drastically increased as they rotate their profits from the altcoins to memecoins.
After forming a bottom around $0.0000001334 in August 2023, ELON crypto had a 156% price surge. However, due to the recent bearish news in the markets, the price is currently trading 36% below its monthly high of $0000002440.
If we analyze the Dogelon Mars price chart, we can see that the price is currently consolidating and the bullish market is not broken yet. For this purpose, let’s try to understand the following 4-hour chart of ELON.
The chart above shows the price action within a particular range. The lows of this range lie around $0.0000001455, which is currently acting as a support. If ELON holds this level, then the price prediction will remain bullish and the next target could be $0.0000001694.