Dogelon Mars Price Prediction: Why Elon is Trending Downwards

Dogelon Mars has grown to be one of the largest cryptocurrencies in just a few months. Today, it is ranked among the top 150 cryptocurrencies in terms of market capitalization, which currently sits at more than  $174 million. 

Despite this, Dogelon Mars has continued to struggle in the markets. With just four days into the new month, Dogelon Mars is already down by 4 per cent. It is also looking likely to be bearish throughout the month, which will mean extending the past few months of a bearish trend. 

In June, Dogelon Mars lost 25 per cent of its value. This is despite having a strong second half that resulted in prices rising by 54 per cent. The strong bearish trend was also evident in May when Dogelon Mars’ price dropped by 45 per cent. 

Dogelon Mars Price prediction

In my last Dogelon Mars price prediction article of June 27, I highlighted reasons why I saw the prices approaching and possibly hitting the $4e-7price level. At the time, news of Elon Musk’s support of the meme economy was still huge and had caused an over 80 per cent price surge in the previous four trading sessions. 

However, since then, the news of support continually faded out from the media. The cryptocurrency industry’s bearish market also continued to dominate the news. The result was a resumption of the strong bearish trend that has persisted through to the current month. 

Looking at the chart below, it is clear that the main trend is bearish despite the past three days trading sideways. Therefore, my Dogelon Mars price prediction expects the prices to continue dropping. I expect the prices to trade below the $3.0e-7 price level in the next few trading session.

Based on previous price action, there is also a high likelihood that we will be seeing prices trading below the $2.0e-7 price level. This will be a drop of almost 30 per cent from the current levels. However, if the cryptocurrency industry reverses from its current strong bear market, then we can expect to see prices rising again. At that point, my trade analysis will be invalidated.

Dogelon Mars Daily Chart