In this article, we’ll discuss both the bullish and the bearish scenarios for Dogelon Mars price prediction. Currently, ELON crypto is trading sideways, despite a significant recovery in the prices of other altcoins. Price has been in a constant downtrend since hitting the all-time high valuation in November 2021.
As the name suggests, the Dogelon Mars coin is a memecoin that was launched in 2021. The euphoric memecoin season took the market cap of the memecoin to the north of $1.2 billion. The coin was created to mock tech billionaire Elon Musk’s love for dogcoins like Shiba Inu and Dogecoin.
At the time of writing, Dogelon Mars price is trading at $0.00000033. The price has lost 2.2% within the past 24 hrs. Overall, the coin is 87.2% down from its November 2011 all-time high of $0.00000259.
Most memecoins are experiencing a similar downtrend as the liquidity in the market has significantly decreased over the past few months. The prevailing risk-off approach in the market is keeping the investors at bay from high-risk assets like the ELON coin.
Dogelon Mars Price Prediction
Technical analysis of the ELON USD price chart depicts that the price has failed to break the downwards trendline since last year. Nevertheless, the price is 50% up from the June low of $0.00000021. If the Bitcoin price continues making higher highs, then at some point Dogelon coin is also likely to wake up. Similarly, a downtrend in BTC price might trigger another bearish leg for ELON.
The only Dogelon Mars price prediction that we can make at this point is that sooner or later price will be attempting another breakout. In case of a successful breakout from the downwards trendline, the price is likely to target the 0.38 Fib level at $0.00000058. This would only be possible if Bitcoin and Ethereum show significant recoveries. Once these big cryptocurrencies cool down, some of the capital might move to riskier assets like memecoins.