Is ELON a Pump & Dump Coin?

The market conditions are still pretty much the same as described in our previous Dogelon Mars price prediction. Although most altcoins are significantly up from their June lows, the ELON coin is yet to show a similar recovery. The downtrend got intensified since hitting the

Dogelon Mars coin belongs to a class of cryptocurrencies that are called memecoins. At the peak of the bull run, the coin became a cult as its market cap reached $1.2 billion. As the name goes, the Dogelon coin was created to mock Elon Musk’s love for the dogcoins like SHIB and DOGE.

Currently, Dogelon Mars price is trading at $0.00000036. The price has lost 0.37% since yesterday. ELON is trading 86% below its all-time high of $0.00000259, which was achieved in November 2021. You can buy Dogelon by signing up on Kucoin.

The prices of ELON, DOGE, and SHIB suddenly increase on the weekend. The memecoins gained 10%-20% before facing a pullback due to the negative Bitcoin price action. Many analysts are considering the recent memecoin rally a top signal before another leg down.

Dogelon Mars Price Prediction

A look at the ELON USD price chart shows that the price hasn’t even attempted a breakout for months. Nonetheless, the price is 60% up from its June low of $0.00000021. If the ongoing relief rally continues, the investor interest in Dogelon Mars is also likely to increase.

At a higher timeframe, Dogelon Mars price prediction is still bearish. Price needs to break out of the downwards trendline and make a higher high than $0.00000058 to show some strength. This price level aligns with the 0.382 Fib retracement level. Another factor that may affect its price is the Bitcoin price action. A sudden price decrease in Bitcoin might trigger another bearish leg in altcoins. In addition, it might also be helpful to pay attention to the broader market sentiment and macro-economic scenario.

Dogelon Daily Chart