Why Elon May Continue Going UP

For the last 10 days, the Dogelon Mars price has traded within a narrow margin price of $0.0000003 and $0.00000035. Dogelon Mars has also lost its momentum and volatility, with most trading sessions closing with a gain or a loss of about a percentage point.

Why is Dogelon Mars Struggling?

Dogelon Mars started the year with a strong bullish trend, and at one point, it was up by more than 25 percent and looked poised to continue with the upside swing. The bullish trend was as a result of the industry-wide push to the upside, which also forced prices of other altcoins, including memecoins such as Dogelon Mars, to the upside due to their positive correlation.

However, in the past 10 days, the industry-wide bullish trend has failed to play a significant role in the trend of the Dogelon Mars price. Part of the reason for this phenomenon has been due to disinterest in memecoins by most investors. Dogelon Mars, which in 2021 relied on users traction to rise in the markets and become one of the largest cryptocurrencies, has not been able to replicate the same enthusiasm this year as it did in 2021. Therefore, as other projects continue with the industry-wide bullish trend, its value has started to trend in a sideways market.

Investors have also been extremely cautious about investing in memecoin projects following last year’s bear market. Therefore, despite the strong start to the year, memecoins such as Dogelon Mars have quickly “lost their mojos” and not as many users are willing to invest in the memecoin niche again.

Dogelon Mars Price Forecast

As seen from the above fundamental analysis, Dogelon Mars is likely to continue struggling for the next few trading sessions. On the technical side of things, the chat below shows Dogelon Mars being stuck in a sideways market, and trading within narrow margins of between $0.0000003 and $0.00000035 price level.

Therefore, my Dogelon Mars price forecast expects it to continue trading in a sideways market for the next few weeks. However, there is a slim chance of breaking out of the narrow margin, and my expectation is, it will be to the upside. This is despite the fundamental analysis showing the challenges of Dogelon Mars in the current environment. I expect the current industry-wide bullish trend to be stronger enough to drag the value of Dogelon Mars to the upside.

Daily Chart