Are we Still in a Bearish Market?
Memecoins have been among the most affected cryptocurrencies by the recent cryptocurrency crash. Dogelon Mars price, for instance, has lost 13 per cent this week and 47 per cent of its value this month alone. The drop, however, has not been entirely due to the recent cryptocurrency industry price drop. Since the years started, Dogeloon Mars has lost 70 per cent of its value.
Dogelon Price Prediction
Since its launch on April 23, 2021, Dogelon has had one main goal, to replicate the success of Dogecoin. However, the past few weeks have seen both cryptocurrencies continue to suffer huge losses in the market. In today’s trading session, Dogelon has dropped by more than 7 per cent.
Looking at the chart below, we can see Dogelon prices recently set a new price low of 3.5e-7. The prices have since bounced to trade at the current price of 4.8e-7, a 37 per cent price jump. However, the prices have traded sideways in the past six days, with each trading session alternating from bearish to bullish from the previous day.
The chart also shows that Dogelon’s price is still in a strong bearish move. The Williams Alligator’s signals, for instance, show the current trend to be aggressively bearish. My Dogelon price prediction expects the prices to continue falling in the next few trading sessions using the chart. I expect the current sideways market to end soon and Dogelon to resume the downward move.
Looking at the chart below, my Dogelon prediction is a likely price drop to the 3.5e-7 support level. At this level, the prices will also likely drop further. This is especially true if the current cryptocurrency downtrend continues.
However, if the prices close today’s trading session above $5e-7, then my trade analysis will be invalidated. It will also mean the trend is likely to remain sideways for the next few days. On the other hand, if it closes above today’s opening prices, there is also a high probability of a trend reversal, which means we might see Dogelon trading above 7e-7.