Dogelon Mars is another dog-themed meme coin on Ethereum and Polygon that followed other successful dog coins like Dogecoin, Shiba Inu, and Floki Inu. Anyway, Elon's chart is simple, a sharp upward wave started after Elon broke the triangle pattern in which it was oscillating. Then, the correction phase started which unfolded in a big inverted wedge pattern. Now it seems Elon started an upward wave to break this inverted wedge upward. Let's see what happens.
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See how strongly ELON got rejected from both the downtrend line and the horizontal resistance area. So, for major upward movement, we have to wait for ELON to break these resistances.
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ELON going up toward the resistances: downtrend line and the horizontal area. Let's see if this time ELON can break these.
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So, ELON finally broke the major downtrend line and is going up toward the horizontal resistance area. ELON breaking this horizontal resistance area means reversal confirmation. Let's see what happens.
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So, it seems ELON broke the horizontal resistance area too. Let's see how high ELON can go.
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So, after ELON broke the horizontal resistance area, went up and made a pullback on the area too. It seems ready to continue. Let's see what happens.
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So, ELON came down below the horizontal resistance area and made a minor harmonic pattern. Then ELON broke the minor downtrend line and is going to break the horizontal resistance area again. It is clear that this horizontal resistance area is strong and acts like a magnet, pulling ELON; thus, It will not be a surprise if ELON continues to oscillate around this area. Let's see what happens.
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So, ELON went down to retest the 0.786 Fib retracement level. Then ELON broke the downtrend line, went up and reached the horizontal resistance area again. Let's see if ELON can break through this area and never come back.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.