The Dogelon price continues to make small gains after starting the month aggressively bearish. Today, the crypto is up by 2 per cent, extending a bullish trend which started three days ago and, at some point, had increased prices by over 20 per cent.
Dogelon has faced two main challenges in the past few weeks, which have hindered its recovery. The first major issue is that we are in a bear market for the cryptocurrency industry. Dogelon, being a memecoin and an altcoin, has continuously followed the trend of other major cryptocurrencies, such as Bitcoin, which is positively correlated with ELON.
The impact has been the inability of the memecoin to recover. The industry-wide problem has also seen other memecoins such as Dogecoin struggle to varying degrees. The second problem is that the Dogelon crypto is a memecoin. While being a memecoin has played a significant role in its rise to global dominance, the current environment has become extremely bad for cryptocurrency projects with no real utility.
Part of the reason that sped the rate of investors staying out of memecoin projects was the fall of Terra Luna and UST projects. Although these projects were not memecoins, the wiping of over $40 billion within a few days put fear in a lot of cryptocurrency investors. It resulted in a cautious approach for projects such as Dogelon.
Dogelon Price Prediciton
Looking at the chart below, we can see the past three days have been aggressively bullish. In fact, at one point, the prices had risen by as much as 20 per cent between the price high and price low of the past three days. However, the trend ended up reversing yesterday.
Today, the Dogelon price is up by 2 per cent and looks likely to continue rising for the next few trading sessions. Therefore, my price prediction expects the price to hit the $0.00000035 resistance level. There is also a high likelihood that the price will trade above that level. However, should the prices return to the three-day price low of $0.00000027, my analysis will be invalidated. It will also mean a possible downside move.