Since August 15th, when Dogelon Mars set an August price high of $0.000000432, it has been in an aggressive bearish trend that has seen it lose 37 per cent of its value.
Is Dogelon Mars worth Investing in?
The price action over the past three weeks has been very interesting. Starting on August 15, when it set its monthly price high, Dogelon’s price plummeted aggressively, forming bearish flags along the way. On August 29, the prices spiked by 7 per cent, and it looked as if Dogelon was about to recover and start a new bullish trend.
However, despite the spike, Dogelon Mars price failed to continue with the trend and has traded in a horizontal market until yesterday, when it dropped by more than 5 per cent. While it was too early to make a call on whether Dogelon Mars was returning to its aggressive bearish trend, today’s current price drop confirms that the long-term bearish trend has resumed.
Looking at the bigger picture, the cryptocurrency industry has also been in an aggressive bearish move. Dogelon Mars, which is positively correlated to the industry trend, and tends to move in the same direction as the industry, is likely to follow the current bearish trend of the industry, a sign that we may see the bearish trend continuing and becoming long-term.
Therefore, putting everything together, investing in Dogelon with the hope that it will rise may not be a good bet for both the short-term and long-term. My Dogelon price prediction expects the prices to continue falling in the long term. We might see prices going as far down as hitting the $0.000000224 support level.
It is also not the best time to invest in memecoins due to their volatility. In our case, Dogelon’s volatility may be to the downside, which is likely to see investors losing their money. However, my bearish trend analysis will be invalidated if prices trade above the $0.00000030 price level. At that point, it will be clear that we may see a recovery in the markets.