Today’s trading session has seen Dogelon Mars price rising by 4 per cent and reversing a streak of five consecutive trading sessions that had seen prices closing with a loss. Today’s market move also coincides with today’s boost in the general cryptocurrency industry, which has seen its market cap rise above the $1 trillion valuation again.
Today’s surge in price has come partly due to the current trading volume surge, with the total reaching $3.8 million in the past 24 hours. This has been a 41 per cent gain in the past 24 hours, and if the surge in trading volume continues, we are likely to see Dogelon continuing to rise in the markets.
However, despite today’s price surge, it is not hard to see how Dogelon Mars has struggled in the markets. Part of the reason for this has been the current cryptocurrency industry, which has been aggressively bearish. Dogelon, one of the largest memecoins today, is highly positively correlated with most cryptocurrencies, including Bitcoin and Ethereum.
Therefore, every time we have seen the global cryptocurrency industry on a downward move, the altcoin has, in most cases, followed the trend and also gone down with them. The memecoin industry has also struggled. Dogelon, just like other memecoins, does not have utility. Therefore, its price movements are highly dependent on the traction it gets from its users and not its underlying technology.
In the past, support from popular accounts and famous people saw prices surging. However, since the current downward trend of the cryptocurrency industry started, memecoin endorsements has also gone down, which has reduced its traction with users and the current downward trend.
Dogelon Mars Price Prediction
Despite today’s price gains, my Dogelon Mars price prediction is still on the downside. I expect the prices to drop below the 3.2e-7 price level in the next few trading sessions. We are highly likely to see prices continue to fall until it trades below the 3.0e-7 price level. However, if the price hits the 3.4e-7 resistance level, my bearish analysis will be invalidated. It will also be a sign of an upward move.
Dogelon Daily Chart
