Dogelon Mars price remained in a tight range on Monday morning as the cryptocurrency winter continued. The ELON token was trading at $0.0000002, which is a few points above its lowest level this year. Other meme coins like Dogecoin, Shiba Inu, and Tamadoge have all crashed hard this year.
Dogelon price has been under pressure as investors wait for the next key catalyst. A possible catalyst for ELON and other meme coins like Dogecoin is the ongoing Twitter acquisition challenge. Elon Musk has agreed to acquire the company in a $44 billion deal.
Still, it is unclear whether the deal will close. Last week, it was reported that the Biden administration will likely intervene and possibly stop the deal. Some of the concerns is that Musk’s deal is being partly funded by foreigners from Saudi Arabia, Qatar, and China. It is still unclear whether the Committee on Foreign Investment in the United States (CFIUS) will work to stop the deal.
Elon Musk’s acquisition of Twitter is seen as being a positive for Dogecoin and other meme tokens. For one, Musk is one of the biggest promoters of DOGE, the biggest meme coin in the world. He has also pledged to incorporate the coin in Twitter, one of the biggest social media companies in the world. As such, this could have an impact on other meme tokens.
In my last week’s ELON price prediction, I sounded a bit optimistic about the coin. At the time, I wrote that it had formed a falling wedge pattern, which is usually a bullish sign. This wedge has continued forming recently and is now nearing its confluence level. At the same time, the Relative Strength Index (RSI) has moved slightly below the neutral point at 50.
Therefore, Dogelon price will likely remain in this tight range for a while and then have a bullish comeback. If this happens, the next key resistance point to watch will be at $0.0000003. A drop below the YTD low will invalidate the bullish view.
This post was last modified on Oct 24, 2022, 06:05 BST 06:05