Dogelon Mars (ELON) has experienced a significant price surge, jumping by 27% today. The memecoin is currently trading at $0.0000003047, as analysts weigh its chances of reclaiming the $0.0000006 mark seeing that it has surged by an impressive 52% over the last month. What’s driving Dogelon Mars’ price up? Several factors are contributing to this upswing in ELON’s price. Firstly, the broader cryptocurrency market sentiment has been positive, with Bitcoin (BTC) and Ethereum (ETH) also showing significant gains. Moreover, increased exposure through potential listings on major exchanges like Bybit has sparked interest. Talks of such a listing could bring new liquidity and exposure, pushing the price further. Additionally, Gate.io recently announced ELON’s inclusion in its Launchpool with staking rewards in USDT. This will not only validate the Dogelon Mars but also incentivize the holding and trading of ELON tokens. Bitrue and MEXC Derivatives also recently introduced ELON perpetual futures with high-leverage options, indicating growing institutional interest and could lead to more speculative trading, adding to the price volatility and potential upward movement. Being a memecoin, the community’s active engagement, evidenced by over 300,000 Twitter followers and 84,000 Telegram members, also plays a crucial role. This community has been vocal about pushing for more visibility, through activities like the recent AMA on MEXC, which not only increases awareness but can also influence price through collective action and sentiment. Can ELON reclaim $0.0000006? The monthly high of Dogelon Mars (ELON) currently sits at $0.0000006442, which it hit on January 19 before pulling back to a low of $0.0000002298 on January 21. Although it has registered a considerable recovery from the pullback with the current price surge, the path to reclaiming the $0.0000006 price level is not guaranteed. On one hand, the current momentum, community support, and strategic moves like exchange listings and futures trading could propel ELON towards this target. However, several factors could impede this journey. The meme coin market is notoriously volatile, driven by sentiment rather than fundamentals. Dogelon Mars lacks intrinsic utility beyond its meme status and community engagement, which can make sustained price increases difficult without significant external catalysts. Also, the total and max supply of 1 quadrillion ELON tokens presents a dilution challenge, potentially capping how high the price can go unless a significant portion is removed from circulation or demand skyrockets. Technical analysis points at a bullish market with a rising RSI, sitting at around 58 at press time, and the formation of a golden cross where the 50-day MA has crossed above the 200-day MA. However, the price will be required to maintain above the $0.0000002331 support level and climb past the resistance at $0.0000003340 to confirm the $0.0000006 attempt. Dogelon Mars price chart by TradingView Failure to hold the $0.0000002331, could see the memecoin drop to as low as $0.0000001757. The post Dogelon Mars (ELON) surges 27%: can it reclaim $0.0000006? appeared first on Invezz
