Dogelon Mars (ELON) price has been an utter disappointment for the longterm holders. Currently, the memecoin is trading almost 95% below its 2021 all-time high, and there are no signs of any recovery. In fact, the coin is constantly making new lows.
On Friday, altcoins are once again experiencing an increased selling pressure as the Bitcoin dominance is increasing. The USDT dominance also rose 0.13% today as the investors lowered their risks. ELON coin remained sideways today and showed a minor loss of 0.04% at press time.
Will ELON Coin Ever Recover?
After an intense multiyear bear market, most of the holders have lost faith in the Dogelon Mars coin. These holders bought the coin in anticipation of exponential gains due to the social media hype. However, the hype has phased out, and there is very little to no development in the project.
The team has recently teased an upcoming artificial intelligence initiative on Twitter. The tweet talked about ‘effortlessly building a future on Mars with AI’. Further details will be revealed on September 18. However, despite the announcement, Dogelon Mars price hasn’t shown any significant positive growth.
Dogelon Mars Price Prediction
A look at the following Elon coin chart reveals that it is currently trading 35% below the key support level of $0.0000002186. The coin is also respecting a downward trendline, which is shown as a white line on the following chart.
My Dogelon Mars price prediction will remain bearish as long as it remains below the $0.0000002186 level. A reclaim of this level may result in a significant bounce for the memecoin. However, the long-term outlook remains very bearish. It seems that the ELON community has moved on to the new memecoins like PEPE after losing faith in the project.
While I’m not bullish on the ELON, there are still many good projects available at discounted prices. I regularly mention such projects on my Twitter, where you are welcome to follow me.
