Dogelon Mars continues to struggle in its recovery after weeks of sustained price drops. In today’s trading session, the prices are down by less than a percentage point. However, the past few days paint a picture of a crypto that is struggling, with Dogecoin currently in a sideways market.
Since the start of the month, Dogelon has already lost 46 per cent of its value. At one point within the month, Dogelon was down by 60 per cent. However, the recent price surges and resurgence have not been able to remove the strong bearish dent on Dogelon. Looking at a much larger platform, the year-to-date data shows Dogelon Mars has already lost 70 per cent of its value in 2022.
Created on one of the most popular blockchains today- Ethereum, Dogelon’s rise to popularity has resulted from its close association with Dogecoin and Elon Musk. In 2021, the market for memecoin saw a lot of cryptos, such as Dogelon grow exponentially. This was partly due to how fast Dogelon grew in 2021. Today, it ranks as the third most valuable meme coin, behind Dogecoin and Shiba Inu. It has a market capitalization of $264 million and is ranked as the 125th largest cryptocurrency. This growth, market capitalization and high trading volume are likely to see Dogelon recover from recent losses in the next few weeks.
In today’s trading session, Dogelon Mars is trading in a sideways market. The cryptocurrency has been in this trend for 12 days. Looking at today’s trading session, there is a high likelihood that the prices will remain in this sideways market. This is after a less than a percentage price drop and lack of volatility. Therefore, despite expecting prices to drop further, the next few trading sessions will continue with the sideways market.
However, should the prices break below or above $0.000000460 and $0.000000500, respectively, then my sideways market analysis will be invalidated. If it breaks below the price, then the bearish trend will be established. Vice versa is also true.
This post was last modified on May 24, 2022, 15:59 BST 15:59