Trading Elon Musk-Themed Dogelon Mars? Technical Patterns To Watch On The Micro-Crypto As It Soars

Dogelon Mars (CRYPTO ELON), a micro-cryptocurrency built on the Ethereum ETC/USD blockchain, skyrocketed up 227% between Oct. 29 at 5:00 a.m. ET and Oct. 30 at 2:00 p.m. The crypto recently became tradable on OKEx and crypto.com, which likely contributed to the sharp rise in price as more traders gained access to Dogelon Mars.

Shiba Inu SHIB/USD, another popular micro-crypto soared up over 980% between Oct. 4 and Oct. 27 to a high of $0.00008894 and has so far, perhaps surprisingly, been able to hang on to most of its gains as it consolidated down near the $0.0000666 level on Sunday.

Often times when a micro-crypto makes huge and sudden gains it is short-lived and the coin or token comes crashing down not long after it soars, but more recently retail traders have rallied behind a variety of meme-cryptos with a strong belief in their utility. That may or may not be the case with Dogelon Mars but regardless, technical traders can find levels and patterns to use to gauge direction while trading the crypto.

See Also: Forget Doge And Shiba Inu, This Crypto Is Up About 250% Over The Past Two Days

The Dogelon Mars One-Hour Chart: At noon on Sunday, Dogelon Mars was consolidating a 30% rise the crypto made between 8:00 a.m and 12:00 p.m. A period of consolidation is normal and healthy after a stock or crypto has made a big bullish or bearish move in a direction. Consolidation is considered healthy when the stock trades within a range on low volume, which Dogelon Mars looks to be doing.

There is a pattern developing on Dogelon Mars, on both the hourly and four-hour chart that bullish traders may want to pay attention to: On both timeframes the crypto may be forming a bearish head-and-shoulders pattern, with the left shoulder formed between 6:00 p.m. on Oct. 29 and 9:00 a.m. Oct. 30, the head between 10:00 a.m. Oct. 30 and 4:00 a.m. Oct. 31 and with the right shoulder currently forming.

If the pattern is recognized, the measured move is about 35%, which could bring Dogelon Mars down toward the $0.00000111 level. Traders can watch to see whether Dogelon Mars eventually breaks down bearishly from the ascending neckline of the pattern on high bearish volume, otherwise the pattern is likely negated.

It is also possible Dogelon Mars may be settling into a bull flag pattern on the hourly-chart, with the pole created between 8:00 a.m. and 12:00 p.m. on Sunday and the flag beginning since. The lower wick on the most recent hourly candle indicates bulls are buying the dip when the crypto’s price drops to near the $0.000002 level.

• Bulls want Dogelon Mars to continue consolidating on low volume and then for big bullish volume to come in and push the crypto up toward its all-time high. If Dogelon Mars can make another new all-time high on big bullish volume, the crypto could go on another run north. There is resistance above at $0.00000222 and $0.00000259.
• Bears want the head-and-shoulder pattern to play out and for Dogelon Mars to break down from the neckline on big bearish volume. The crypto has support below at $0.00000194 and $0.00000167.
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