Dogelon Mars price pulled back slightly in the past few days as investors attempt to buy the dip. ELON was trading at $0.0000003, which was about 17% above the lowest level this month. It has crashed by more than 80% from its highest level in April of this year. Other meme coins like Saudi Shiba Inu, Dogecoin, and Tamadoge have all crashed recently.
Dogelon Mars is one of the leading meme coins that has a market cap of more than $144 million. It was established in 2021 during the meme coin frenzy. At the time, most buyers were looking for the next big thing. The coin became popular because of its name, which combines Dogecoin, Elon Musk, and Mars.
Unlike other meme coins like Shiba Inu and Baby Doge, Dogelon Mars has not sought to expand its ecosystem. Shiba Inu introduced Shiba Swap and is working to introduce its own metaverse. Similarly. Baby Doge hopes to have more utilities by introducing new features.
Dogelon Mars has maintained its role as a dog-themed token with no other utility. At the same time, demand for the token has dropped dramatically in the past few months. Therefore, I would not recommend investing in Dogelon as a long-term investment.
In my previous ELON price forecast, I noted that the coin was forming a falling wedge pattern. In price action analysis, this pattern is usually a bullish sign. Since then, the coin has managed to move slightly above the upper side of this pattern. At the same time, it has crossed the 25-day and 50-day moving averages. While this is a bullish sign, the coin’s volume remains substantially low.
Therefore, the Dogelon Mars price will likely remain under pressure in the long term. In the near term, however, the falling wedge pattern could lead to more gains. If this happens, the next key level to watch will be at $0.00000035. A drop below the lower side of the wedge pattern will invalidate the bearish view.
This post was last modified on Oct 18, 2022, 05:28 BST 05:28