Dogelon Mars price has struggled to break out of the support and resistance levels of $0.00000022 and $0.00000035, respectively, since August 17th. Today, the crypto looks to be continuing its struggle in the market. After starting the session with a strong push to the downside, the prices have retreated back to almost trading at the same price as the session opening price.
Part of the reason for this is due to the current bearish trend of the cryptocurrency industry. Since early last month, the industry has continued to trade sideways, which has resulted in the total global market capitalization seesawing below and above the $1 trillion mark.
However, that is not the only problem that has plagued the Dogelon Mars price. Being a memecoin has also contributed significantly to its latest market performance. For instance, Dogelon Mars has traded in tandem with other memecoins such as Shiba Inu and Dogecoin, which have also struggled in the markets for the past few trading sessions.
Looking at the chart below, we can see Dogelon Mars continuing to struggle, even in today’s trading session. Despite recovering from a 2 per cent drop in the early morning of the trading session, Dogelon Mars long-term momentum and volatility still look weak.
Therefore, even if today’s trading session ends up reversing and closing with a price gain, my Dogelon Mars price prediction expects the trade within the support and resistance levels of $0.00000022 and $0.00000035, respectively, to continue for the next few trading sessions. There is a high likelihood we might see prices approaching these levels without breaking out of these support and resistance structures.
However, should the prices hit and break the resistance level, then my horizontal analysis will be invalidated. It will also be a confirmation of an upward trend. The same is true should the prices hit and trade below the support level, which will confirm a bearish trend.
This post was last modified on Sep 13, 2022, 12:23 BST 12:23