Dogelon Mars (ELON/USD). What’s up with the meme coin now attracting a huge following?
Dogelon Mars token rose by double digits on Monday
Fantasy sports platform Rage Fan announced a partnership with Dogelon
ELON could sustain gains if buyers defend crucial support at $0.0000003
Elon Musk-inspired Dogelon Mars (ELON/USD) is making shockwaves. The cryptocurrency gained by double digits on Monday, with investors showing great interest. Trading volumes on the little-known cryptocurrency had surged by 400% in the day.
The gains in the Dogelon Mars token were boosted by cryptocurrency news over the weekend. Fantasy sports platform Rage Fan announced a partnership with Dogelon. The partnership will see the introduction of blockchain gaming to individuals that hold ELON. Rage Fan said it was introducing a Free Call of Duty Tournament for ELON holders to celebrate the partnership.
Dogelon token is also growing a huge following. It already has a cool 454,000 followers on Twitter. Perhaps its name combination, Dogecoin+Elon, is helping aside from its partnership with Rage Fans. We all know of the growing speculations around the use of Twitter on digital payments by Elon Musk. Investors, therefore, could be looking at ELON as the next big thing in the meme space after Dogecoin. All these are speculations, but one thing is sure. Dogelon Mars is building a fanatic community, which could grow if the project finds more utility in the crypto space. Let’s look at its technical bits.
ELON corrects after an intra-day surge
ELON/USD Chart by TradingView
A daily chart technical outlook 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 buyers’ strength.
Will ELON proceed higher?
A retest of the $0.0000003 support followed by bullish price action could attract bulls. Investors will again aim for the $0.0000004 resistance or higher up at $0.0000005.
If seeking to buy ELON, you could consider a little bit of patience with bullish reversal signals. Developments around the project, as well as those of Dogecoin, could also be potential bullish triggers.
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