Dogelon Mars Price Prediction: Is a Further Drop in May on the Way?

The Dogelon Mars price prediction remains bearish after the token fell 13.51% on a Monday that has witnessed a bloodbath in the cryptocurrency markets. The ELON/USDT pair is now on course to post a 5th straight day of losses as investors shy away from cryptos on rising interest rates.

Trading sentiment in the crypto market has mainly gone negative following Bitcoin’s drop below the 33,000 mark. Rising interest rates are also pushing institutional investment flows away from cryptos and into more conventional money market assets with more assured returns. Bitcoin’s drop to 10-month lows follows a weekend of intense selling, which also pulled down Dogecoin and its meme coins including Dogelon.

Bitcoin has dropped 27% this year, But Dogelong has surpassed this drop. It is down more than 25% in May 2022, and the month is only 9 days old. Only January 2022’s 44.7% drop and November 2021’s 27.2% fall have eclipsed this. The Dogelon Mars price prediction is that the ELON/USDT has not found a floor yet, and there is potential for a steeper drop before any kind of recovery is seen on the ELON/USDT pair.

Dogelon Mars Price Prediction

The decline has broken below the 0.000000742 support and is now challenging the support at 0.000000667 (15 March 2022 low). A breakdown of this area sends the ELON/USDT pair towards the 0.000000557 pivot. Below this level, additional support is seen at the 0.000000439 (22 October 2021 low) and 0.000000221 price pivots (7 October 2021 high in role reversal).

Conversely, we could see price appreciation if there is a bounce at the 0.000000667 support, targeting 0.000000742 as the initial upside barrier (24 March and 18 April lows in role reversal). Above this level, additional northbound targets are seen at 0.000000868 (27 March and 7 May highs) and also at the 0.000000984 barrier (22/30 April highs). The double peak at 0.000001204 (20/26 April highs) only becomes available if the bulls take out the resistance at 0.000000984 and the psychological resistance at 0.000001100 (24 April high).

ELON/USDT: Daily Chart

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