Dogelon Mars price started strongly in today’s trading session, surging by more than 8 per cent. However, in the past few hours, the intraday trading has been aggressively bearish, which has seen the crypto’s price dropping to its current less than a percentage gain.
The memecoin, which has gained popularity due to it being part of Doge-themed token projects aiming to replicate the success of Dogecoin, has, in the past few trading sessions, been trading aggressively bullish. Since October 25, the crypto has gained more than 91 per cent, rising from $0.00000024 to the current price of $0.00000046.
At some point during the current aggressive bullish trend, Dogelon Mars had doubled in value from its October 25 price levels. However, a sideways trend of the past 6 trading sessions has resulted in the crypto showing weakness and dropping from its price high of $0.00000058 price level to the current price by over 20 per cent.
In the past week, we have seen Dogelon hit a price high of $0.00000058 and pierce through a long-term resistance level of $0.00000056 but fail to continue with the bullish trend. Instead, the prices have retracted by 20 to the current price of $0.00000046.
On the chart below, we can also see that, in the past few trading sessions, the prices have traded in a horizontal trend. Although the trend has, in most cases, showing signs of having momentum, gains made in intraday trading have quickly evaporated, as seen in today’s trading session, where prices surged by more than 8 per cent in the early hours but quickly dropped to the current one per cent gain for the session.
However, indicators such as the Williams Alligator still give strong bullish signals, a sign that we might start to see Dogelon Mars resuming the trend. Therefore, based on recent price action, I expect Dogelon to rise again and break the recent price high of $0.00000058. However, a trade below the $0.00000035 support level will invalidate my analysis.
This post was last modified on Nov 03, 2022, 11:47 GMT 11:47