Official #Elon Coin (ELON) - Technical Analysis Report
The Official Elon Coin (ELON) is currently trading at $0.022506, experiencing a sharp decline of -64.08%, reflecting heightened volatility. Over the last 5-minute chart, the price has shown a slight recovery with a positive close of $0.022509, registering a +0.93% increase from its previous close. The candlestick data indicates a high of $0.022925 and a low of $0.022112 during the same period. The trading volume of 118,434.46 suggests moderate market activity, while the amplitude of 3.65% reflects a narrow yet volatile range for this short timeframe. Key moving averages like MA(7), MA(25), and MA(99) are trending downward, indicating a bearish momentum, as the price struggles below the MA(99) level of $0.028634, which may act as a strong resistance zone.
The market cap of $22.66M and liquidity of $1.65M reflect significant interest from 168.66K holders, yet the sell-off pressure dominates. The bullish divergence in the last few candlesticks hints at a potential reversal; however, the sustained downward trend in moving averages indicates that caution is advised. Traders should watch for a breakout above $0.024177 (MA25) or a retest of $0.020 for stronger buy signals. As #ELON continues to navigate high volatility, monitoring volume surges and momentum shifts will be crucial for capturing profitable opportunities.