The Dogelon price is hovering near its all-time high as demand for the meme coin remains elevated. The ELON coin price is trading at 0.0000020 USDT, which is a few points below its all-time high of 0.0000020 USDT. According to CoinMarketCap and CoinGecko, it has a market capitalization of about $1.1 billion.
Why is ELON price rallying?
Dogelon Mars is a relatively new meme coin that is dedicated to Elon Musk, the richest person in the world. The coin’s name is a combination of the name Dogecoin, Elon, and Mars, a planet that he intends to colonize.
The coin is similar to Shiba Inu in that it does not do anything meaningful. 50% of the Dogelon was donated to Vitalik Buterin, the founder of Ethereum. The rest was staked in Uniswap. Instead, many buyers do so because they believe it will keep rising. Besides, Shiba Inu recently jumped by more than 500% within a few days.
Some buyers hope that Elon Musk will push the coin the way he has pushed Dogecoin and Bitcoin. While there is no guarantee about this, there is a possibility that he could do that. Besides, he is about to sell a stake in Tesla worth more than $20 billion. In a Twitter poll during the weekend, most voters said that he should sell a big stake in Tesla.
Dogelon price prediction
The four-hour chart shows that the Dogelon Mars price has been in a bullish trend in the past few weeks. A closer look shows that it has completed the impulse wave of the Elliot Wave pattern. Also, the coin has managed to move above the 25-day and 50-day moving averages. It is also above the ascending trendline that is shown in black.
At the same time, the coin seems to be approaching the key resistance at 0.0000020 USDT, which was its all-time high. Therefore, this is an important level for the coin. A move above the price will mean that bulls have prevailed. This means that the price will keep rising.
However, moving to this level could mean that a double-top pattern has formed. This pattern is usually a bearish sign.