Dogelon Mars (ELON) price has failed to join the crypto recovery rally in March 2023. While many altcoins are significantly up from their month lows, ELON coin is up only 8%. This also reveals that the top memecoin has immensely underperformed as compared to Bitcoin, which has surged 40% in the last three weeks.
Dogelon Mars coin showed strength on Friday as the price turned green amid a negative Bitcoin price action. Till press time, ELON was trading at $0.0000003292 after gaining 0.55% during today’s trading session. Bitcoin and Ethereum both were down today, losing 0.75% and 0.19%, respectively.
Despite its bearish price action in the last two years, the ELON coin still remains one of the most popular memecoins. According to the crypto market tracker site Coingecko, it is currently the 5th biggest memecoin with a market cap of $180 million. In the last 24 hours, around $4 million worth of coins changed hands across different crypto exchanges.
Dogelon Mars price is currently more than 87% down from its 2021 all-time high of $0.0000025900. The coin surged by 85% at the start of 2023 but has lost most of its gains since then. Nevertheless, it is still trading 19% above its yearly opening. Other memecoins like Dogecoin and Shiba Inu are also showing a similar price action as Bitcoin dominance is increasing.
The 200-moving average on the daily chart acts as a line in the sand for many traders. The price action is considered bullish when it occurs above this indicator and bearish otherwise. As evident from the following ELON coin chart, after a bounce from 200 MA during the mid of March, the price has tagged it once again.
As soon as the price closes below 200-day MA, the Dogelon Mars price prediction will flip very bearish. Therefore, the bulls need to hold the $0.0000003225 level, which is just a few points below the current price. In case of a breakdown, the price can retest the bottom of the wedge, as shown in the following chart.
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This post was last modified on Mar 31, 2023, 11:24 BST 11:24