($ELON), Ethereum Classic – US Dollars (CRYPTO:$ETC) – Trading Elon Musk-Themed Dogelon Mars? Technical Patterns to be Observed on the Micro-Crypto as It Soars

Dogelon Mars (CRYPTO ELON), a micro-cryptocurrency based on the ether (CRYPTO:ETC) blockchain, skyrocketed 227% between October 29 at 5:00 AM ET and October 30 at 2:00 PM ET. 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 (CRYPTO:SHIB), another popular micro-crypto, surged over 980% between Oct. 4 and Oct. 27 to peak at $0.00008894 and so far, perhaps surprisingly, has managed to hold onto most of its gains as it consolidated on dropped near $0.0000666 on Sunday.

When a micro-crypto makes big and sudden gains, it’s often short-lived and the coin or token crashes not long after it has soared, but lately retailers have backed a variety of meme-cryptos with a strong belief to them gathered their usefulness. That may or may not be the case with Dogelon Mars, but regardless, technical traders can find levels and patterns that they can use to gauge direction when trading crypto.

Also see: Forget Doge and Shiba Inu, this crypto is up around 250% in the last two days

The Dogelon Mars One Hour Chart: As of Sunday midday, Dogelon Mars consolidated a 30% surge that the crypto recorded 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 major move up or down in one direction. A consolidation is considered healthy when the stock is trading within a range on low volume, which Dogelon Mars appears to be doing.

There is a pattern developing on Dogelon Mars on both the hourly and four-hour charts that bullish traders should watch out for: On both timeframes, the crypto is potentially forming a bearish head and shoulders pattern, with the left shoulder forms between 6:00 p.m. October 29 and 9:00 a.m. October 30, the head between 10:00 a.m. October 30 and 4:00 a.m. October 31, and with the right shoulder forming just forms.

If the pattern is spotted, the measured movement is around 35%, which could drop Dogelon Mars to the $0.00000111 level. Traders can watch if Dogelon Mars eventually bearishly breaks off the pattern’s ascending neckline on high declining volume, otherwise the pattern is likely to be negated.

It is also possible for the hourly chart’s Dogelon Mars to settle into a bullish flag pattern, with the pole being formed between 8:00 and 12:00 on Sunday and the flag beginning since then. The lower wick of the last hourly candle indicates that the bulls will buy the dip if the crypto’s price dips near $0.000002.

• The bulls want Dogelon Mars to continue the consolidation on low volume and then add large bullish volume and propel the cryptocurrency to its all-time high. If Dogelon Mars can make another new all-time high on major bullish volume, the crypto could make another run north. Above that, there is resistance at $0.00000222 and $0.00000259.
• Bears want the head and shoulders pattern to play out and for Dogelon Mars to break off the neckline on major bearish volume. The cryptocurrency has support at $0.00000194 and $0.00000167 below.

© 2022 Benzinga.de. Benzinga does not provide investment advice. All rights reserved.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers