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Due to the huge bets from investors on the newly launched meme token, Elon Mars X’s price soared over 47% in the past week, trading at $0.000006088 as of 2:00 a.m. Eastern Time.
EMX is the latest meme coin inspired by the tech mogul and SpaceX founder Elon Musk. Other meme coins that draw inspiration from the billionaire include Dogelon Mars (ELON), Baby Elon (BABYELON) and Elon Musk (MUSK), not to mention Dogecoin (DOGE) and Grok (GROK).
Elon Mars X Price Outlook
Elon Mars X price is currently sitting above the 9 exponential moving average (EMA) line on the hourly chart, trying to challenge the resistance level at $0.000006133. Overcoming this hurdle in the next 6 hours could lead the meme token to rise to the subsequent threshold at $0.000007462 in the next 6 hours.
However, breaking below the 9 EMA line in the next few hours could invalidate this bullish argument. In this alternative scenario, Elon Mars X price could fall below the 9 EMA line. Then, the 20 EMA line on the hourly chart will act as its last line of defense, before possibly dropping to the next key support level at $0.000004657. In an extremely pessimistic case, the meme token could face the risk of falling to $0.000003291 in the short term.
Technical indicators show Elon Mars X price could correct in the short term
The technical indicators on the EMX hourly chart indicate that Elon Mars X price could decline in the next few hours. The moving average convergence divergence (MACD) indicator shows that EMX’s bullish trend is in the process of transitioning to a bearish cycle. This can be clearly seen from the MACD line falling below the MACD signal line. The crossover of these two technical indicators could be a confirmation that EMX has entered a bearish cycle.
In addition, the relative strength index (RSI) line is tilting towards the oversold area. This could indicate that sellers are gaining more resistance against buyers. Finally, a strong negative trend line has formed on the EMX hourly candlestick chart, which the meme coin needs to overcome in order to start rising.
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