Dogelon Mars has had its bark, but do positions in ELON still have a bite

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Dogelon Mars is one of the many dog-themed meme coins in the market today. It has seen a lot of interest lately, with November memorably recording a spectacular surge in popularity and value.

Since then, however, ELON’s price has been in decline. At the time of writing, the altcoin had a market capitalization of just $474.2 million. Can bulls exert any influence on the price in the short term?

Source: ELON/USDT on TradingView

Bitcoin’s explosive rally past $40k sparked bullish momentum on shorter timeframes for many coins, and ELON was one of them (Dogelon Mars prices are multiplied by a factor of 100,000 to reduce decimal places and improve clarity).

A set of Fibonacci retracement levels (yellow) were plotted based on ELON’s move higher from $0.0765 to $0.1214 in early February.

In the two weeks that followed, Dogelon Mars retraced that entire move and also hit the 127.2% extension level at $0.0643 to the south.

Since reaching this extension level, some demand has been seen. At the time of writing, the price was just under the $0.0861-level. This area (cyan box) had been a supply area in recent weeks and it would be a short-term bullish sign if the price can flip it to demand.

Higher on the charts, the $0.0937 and $0.099-levels are likely to act as resistance.

Source: ELON/USDT on TradingView

The hourly RSI formed lower highs even as the price tried to push past $0.0861 and higher. This bearish divergence could play out and see ELON dip to the $0.081-area in search of demand. However, such a minor pullback would likely be a near-term buying opportunity.

The OBV formed a series of higher lows over