Despite gaining 43% in 2023, Dogelon Mars price is still lagging in the ongoing crypto recovery. Most altcoins have recovered significantly since their 2022 lows. However, ELON coin price has failed to lure investors. Price appears to be in a prolonged bearish accumulation.
The release of January CPI data has increased the selling pressure on most high-risk assets. Analysts were expecting a significant decrease in inflation, but the CPI data suggested that there could be more rate hikes in 2023. This is likely to affect the price of Bitcoin in the near term as well as the price of the Dogelon Mars coin.
Since Elon Musk started tweeting about dogcoins, the memecoins have seen massive investments from retail. However, the memecoin hype has significantly decreased as Bitcoin price crashed in 2021. Nevertheless, many of these memecoins are still backed by strong communities of holders.
Many holders hold ELON coin thinking the price could hit $1 in the next bull market. This is highly unlikely as the coin’s circulating supply is more than 549 trillion. Therefore, a $1 Dogelon Mars price would mean a market cap of 549 trillion which is 500 times more than the total crypto market cap. SO $1 doesn’t seem to be a realistic price target.
Dogelon Mars Daily Chart
On daily chart, Dogelon has been showing sideways price action since May 2022. The price appears to be range bound between the $0.0000002 and $0.000000 levels. Despite last year’s bearish events, ELON hasn’t made any new lows since June 2022. This shows that there are very few sellers around the $0.0000002 level.
Currently, the price is 84% down from its 2021 all-time high of $0.00000259. Considering the recent price action, our Degelon Mars price prediction remains bearish for 2023. However, if the ongoing crypto rally keeps going, then I expect the price to retest $0.0000006 level. This would be a 50% price increase from the current level.
Another factor affecting the prices of most dogcoins is the Dogecoin price action. Therefore, DOGE needs to flip bullish for the other memecoins to thrive.