Most cryptocurrencies were expected to recover in June after having a rough month of May that resulted in a cryptocurrency crash. However, Dogelon, and almost all other cryptocurrencies, have been in a strong bearish trend since the month started.
Today, Dogelon is down by 46 percent, extending the 45 percent price drop in May. The prices also look poised to continue with the current strong bearish trend. The year-to-date data also shows that Dogelon is down by over 80 percent.
The global cryptocurrency market capitalization recently fell below a trillion dollars for the first time in years. The prices of major cryptocurrencies such as Bitcoin have also been in a freefall. In the last five days, Bitcoin has lost over 25 percent of its value.
According to many experts, the current drop in the price of cryptocurrencies is due to the wider global climate. Across all asset classes, the markets are in a downturn. Part of the reason for this is the looming recession, soaring inflation, rising Fed rates and the increasing cost of living.
These conditions have forced many large investors to move out of cryptocurrency positions to free up money to invest in other areas. For ordinary traders, the money to invest in cryptocurrency projects such as the Dogelon memecoin has also dried up. The result has been a huge market sell-off that has seen the cryptocurrency industry continue to fall. Investors are also moving their money from risky investments such as cryptocurrencies, and especially memecoins, which has resulted in the current strong bearish trend.
Dogelon prices are down by 5 percent in today’s trading session. The drop is a resumption of the strong bearish trend. Looking at the chart below, the prices are likely to continue falling throughout the session. I also expect the prices to trade below the $0.000000200 price level in the next few trading sessions.
My strong bearish trend analysis will only be invalidated if the prices hit the $0.00000035 resistance level. If that happens, then it is possible that we will be in a bullish trend reversal.
This post was last modified on %s = human-readable time difference 16:27