Will the ELON meme coin continue its rally?

• Dogelon Mars price continues its rally on Friday after rallying more than 18% this week.
• On-chain data shows that ELON whale wallets realized profits during the recent surge.
• The technical outlook suggests a rally continuation, targeting double-digit gains ahead.

Dogelon Mars (ELON) price continues its rally on Friday after rallying more than 18% this week. On-chain data shows that ELON whale wallets realized profits during the recent surge. The technical outlook suggests a rally continuation of the dog-theme meme coin, targeting double-digit gains ahead.

Dogelon Mars holders realize big profits

Dogelon Mars price, which claims to be a fork of Dogecoin, continues to rally 11% this week after it rallied more than 54% in the previous week. This recent surge in price has led ELON’s whale wallet to book profits. 

According to Santiment data, wallets holding more than 100 million ELON tokens have dumped 128B coins since January 18.

ELON 100+ million holders chart. Source: Santiment

Apart from holders, realize gains. The Santiment Daily Active Addresses index, which tracks network activity over time, also shows optimism for Dogelon Mars. A rise in the metric signals greater blockchain usage, while declining addresses point to lower demand for the network.

ELON’s metric rose from 322 to 5,311 from January 14 to Sunday, reaching the highest level since November 7, 2021. This indicates that demand for the dog-theme meme coin blockchain usage is increasing, which bodes well for Dogelon Mars’s price.

ELON Daily active addresses chart. Source: Santiment

Dogelon Mars Price Outlook: Bulls aim for double-digit rally 

Dogelon Mars price broke out of the descending trendline (drawn by connecting multiple weekly high levels since October 2022) this week and rose more than 18%.

If ELON continues its upward momentum, it will extend the rally by 43% to retest its weekly resistance level at $0.0000005.

The Relative Strength Index (RSI) on the weekly chart reads 67, above its neutral level of 50 and points upwards, indicating strong bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows a bullish crossover on a weekly basis. Moreover, it also shows rising green histogram bars above the neutral line zero, suggesting that the Dogelon Mars price could experience upward momentum.

ELON/USDT weekly chart