Dogelon Mars price has collapsed in the past few months as demand for meme coins disappeared. ELON price was trading at $0.0000002, which was close to its all-time low. It has crashed by more than 80% this year, making it one of the worst coins in the world.
Dogelon Mars is a relatively new meme coin that was launched in 2021. The coin was created to be a good alternative to Dogecoin, a coin that became popularized by Elon Musk. Like other meme coins, Dogelon does not have a major utility value except that it can be used to handle transactions.
Other meme coins like Shiba Inu and Baby Doge have attempted to build utility by growing their ecosystems in areas like DeFi, Metaverse, and NFTs.
Dogelon Mars price has dropped sharply in the past few months as investors focus on the significantly falling demand. In simple, the demand that existed when interest rates were at 0% has crashed. At the same time, the fiscal stimulus policies of the past few years has disappeared.
Most importantly, the US dollar index has soared in the past few months and is now sitting at the highest level in more than 20 years. The boring government bonds are also yielding more than 4%. Historically, risky assets like Dogelon Mars tend to underperform in such periods.
The daily chart shows that the ELON/USD price has been in a strong bearish trend. As a result, the coin has moved below all moving averages, meaning that bears are in control. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the neutral levels.
A closer look shows that the coin has formed a falling wedge that is shown in black. Therefore, with this pattern nearing its confluence level, there is a likelihood that the coin will soon make a comeback. If this happens, the next key level to watch will be at $0.0000003. A drop below the support at $0.0000002 will invalidate the bearish view.
This post was last modified on Oct 12, 2022, 08:01 BST 08:01