The Dogelon Mars price is in consolidation mode as demand for the meme coin has evaporated. ELON is trading at $0.0000005, where it has been in the past few weeks. The price is about 41% above its lowest level in May, bringing its total market cap to about $262 million. Other meme coins like Dogecoin and Shiba Inu have also fallen out of favour with investors.
Dogelon Mars is one of the biggest meme coins globally. At its peak, the coin was valued at over $1 billion. However, the coin has recently slumped as most investors have ditched meme coins and stocks. Indeed, similar coins like Dogecoin, Shiba Inu, and Floki Inu have all crashed by more than 50% from their all-time high. A similar pattern has been seen in meme stocks like GameStop, AMC, and Clover Health Investments.
The rising interest rates and the recent collapse of Terra’s ecosystem have not helped the situation as many people are now avoiding so-called risky assets. However, the Fed has hinted that it will continue hiking interest rates by 0.50% in the coming three meetings and then move to 0.25% hikes.
The four-hour chart shows that the ELON price has been in a tight range in the past few days. A closer look shows that volume has been in a strong downward trend. At the same time, the coin has been oscillating at around the 50-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought level. It has also moved above the descending trendline shown in red.
Therefore, the Dogelon Mars will likely remain in this range for a while. If this happens, the next key support to watch will be at $0.000004, which was the lowest level in May. A move above the resistance at $0.000005 will invalidate the bearish view.
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