The star of October crypto rally ELON token, which surged around 4000%, is currently in a consolidation phase. The technical outlook for ELON\/USD still indicates a bullish trend as the coin is trying to sustain these higher levels. Watch out for these supports levels that can help the token to maintain this rally\u00a0 The ELON token price trying to hold above the 0.382 Fibonacci retracement level The ELON token\u2019s daily RSI showed a striking drop in its value The intraday trading volume in the ELON token is $60.8 Million, indicating an a4.72% gain. Source- ELON\/USD chart by Tradingview The ELON token showed an incredible rally in October, where the price gained more than 4000% from the month\u2019s low. The token made a New All-Time High at the $0.00002675 mark and then entered a retracement phase.\u00a0 This moderate pullback managed to sustain above the 0.618 Fibonacci level and is showed a decent recovery in its technical chart. Moreover, the 20 EMA line is also providing strong support to the ELON token price. The Relative Strength Index value at 57 indicates a bullish sentiment still intact for the ELON token. However, the RSI line displayed a considerable drop in its value for a minor retracement phase, suggesting weakness in this rally. ELON\/USD Chart In The 4-hour Time Frame Source- ELON\/USD chart by Tradingview The ELON token in this lower time frame chart suggests a possibility of forming a bearish head and shoulder pattern, indicating a great sell opportunity for crypto traders. The current price of this coin is at the $0.0000017 mark, with an intraday gain of 1.61% The neckline for the pattern is present at the $0.000001475 mark, and the crypto should wait for a decisive breakdown from this support level before they take a new position in the crypto market.\u00a0 . \u00a0 \u00a0 \u00a0 \u00a0 The post Dogelon Mars Analysis: ELON Price Taking A Short Break, Will Its Rally Continue Or Dip More? appeared first on Coingape.