Dogelon Mars Price Prediction as ELON Forms a Descending Triangle
The Dogelon Mars price has erased most of the gains it made in the past few days as the demand for the coin eases. ELON is trading at $0.0000007, which is about 8% below the highest level last week. As a result, its market cap has fallen to about 389 million. Other meme coins like Shiba Inu and Floki Inu have also erased some of their recent gains.
Dogelon Mars is one of the few meme coins in existence today. The coin was named for Elon Musk, the richest person on earth and Dogecoin. The mars section is mostly because of the comic story behind the network, which the network follows. Dogelon Mars is depicted as an explorer looking for great mysteries of the planet. Still, like many meme coins, it is a bit difficult to see the utility value behind Dogelon Mars.
The Dogelon Mars price has been in an overall bearish trend in the past few months as the hype surrounding the network and other meme coins and stocks have dropped. A closer look shows that many meme stocks like AMC and Blackberry have also crashed in the past few months. The same is true with other popular meme stocks like GameStop and Blackberry. In addition, other meme coins like DogeCoin and Shiba Inu have also retreated.
Dogelon Mars price prediction
The four-hour chart shows that the ELON price has been in an overall bearish trend in the past few months. As a result, it has remained below the descending trendline shown in black, signalling that bears are currently in control.
The Dogelon price has also remained close to the 25-day and 15-day moving averages while the MACD has moved below the neutral level. It has also formed a descending triangle pattern. In technical analysis, this pattern is usually a bearish sign. Therefore, there is a likelihood that the coin will have a bearish breakdown in the next few days. If this happens, the next key support level to watch will be at $0.0000007.