Trend to Remain Bearish on Lack of Bullish Momentum
Any bullish Dogelon price predictions were quickly quashed by the decline of Thursday, which saw the ELON/USDT pair falling by 8.74%.
This drop followed two days of gains, which were a consequence of the listing of the Dogecoin as a payment channel for items on the Tesla website, even though there was no formal announcement to this regard.
Thursday also saw a selloff in the crypto market, which forced Dogelon downwards to a point just above the 0.000001204 support. This preserved the sanctity of that support level and allowed for an intraday push towards the 0.000001400 resistance. However, this move fell short, and rejection by the bears made the ELON/USDT pair give up nearly all of the week’s gains. It is barely hanging on to a 0.87% gain on Friday, which keeps the pair above water for the week.
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Dogelon is still far off its all-time highs, which followed the ascent of Dogecoin in early 2021.
Dogelon Price Prediction
The rejection at 0.000001400 has set the tone for a potential run towards 0.000001204. A decline below this support targets 0.000001002. Only when this price mark breaks down does 0.000000742 become an additional target to the south.
On the flip side, a bounce on 0.000001204 is required to create an opportunity to retest the resistance at 0.000001400. A break above this level allows for an advance move towards the previous double top at 0.000001666. 0.000001886 comes into the picture as an additional target to the north if there is a continued advance.