ELON - WARNING! POTENTIAL FOR UP TO 40% DROPHey everyone. I've never wrote about this coin before because it's relatively new I think and this is purely Technical Analysis and zero Fundamental Analysis. I know its a meme-coin that is hyped up like many these days.
There's a BIG Head and Shoulders pattern POTENTIALLY forming... If ELON crosses below the neck like I'd say there is a higher risk of it dropping 20% - 40%
If if goes below that green support on the chart I PERSONALLY WOULD SELL. I really think the indicators LOOK BAD ... Especially if the RSI crosses below the white line creating bearish divergence on the RSI.
It's very close (if not there already) now. Hopefully this helps people. meme-coins in particular have a tendency to PUMP AND THEN DUMP a LOT more than others... Just look at the charts of them historically it's a fact, not an opinion.
IN MY EXPERIENCE , head & shoulders patterns usually play out and with accurate targets.
You're welcome to view my other charts on TradingView to see how they play out.
If you like this idea please LIKE, FOLLOW, SHARE... It's appreciated. I try to keep the charts updated when/if necessary so check back if you feel the situation has changed.
Thanks . More charts soon.
