Is ELON Bullish Trend Over?
The Dogelon Mars price has failed to reestablish the strong and aggressive bullish trend that it showed late last month when it doubled its value, hitting a price high of $0.00000058 price level. Today, despite starting strongly, its price is down by less than a percentage point, giving strong intraday signals that it may fall further. Today’s price drop also extends a two-day bearish trend that has seen its value drop by 15 per cent from the price high set on Saturday.
One of the reasons we have seen the Dogelon price continue to plummet in the markets is because of its significant correlation with the cryptocurrency industry. With the industry being in a bearish trend, we have seen Dogelon Mars and other doge-themed cryptocurrencies trading in tandem and their prices getting dragged down.
Dogelon Mars has also not had significant coverage or hype for the past few weeks. Unlike other cryptocurrency projects that have utility, memecoins such as Dogelon Mars need to have people continue “pumping” into them to gain in the markets. Being primarily driven by social media sentiments and association with other popular memecoins such as Dogecoin, the current economic environment has hindered their price growth throughout the month. The result has been a bearish trend that has resulted in a 5 per cent price drop for the month.
Dogelon Mars Daily Chart
Looking at the chart below, the Dogelon Mars price has fallen by more than 30 per cent since October 29. The chart also shows that it has lost most of its volatility and momentum in the past few trading sessions.
Therefore, despite going up by a percentage point in today’s trading session, it is highly likely that we will continue to see Dogelon trading sideways for the next few trading sessions. For the long term, I expect the Dogelon Mars price to continue trading within the support and resistance levels of $0.00000035 and $0.00000056, respectively. A price outside these narrow margins will invalidate my sideways price analysis.