Dogelon Mars Price Prediction Shows Sustenance, Can It Rise?

Dogelon Mars price prediction indicates a tough battleground between bulls and bears on the daily graph. Initially, the momentum was in favor of the buyers, and the price climbed to new highs. However, after mid-March, the momentum shifted in favor of the sellers, causing the price to decline steadily. Despite this, there are some indications of support from the buyers, so the next direction on the daily chart will depend on the strength of either the buyers or the sellers.

Overview About Dogelon Mars (ELON Token)

Dogelon Mars is a cryptocurrency token based on dogs, which combines the name of Dogecoin with the entrepreneurial drive of Elon Musk to suggest substantial growth potential. According to CoinMarketCap, this meme cryptocurrency has developed a large online following, with over 300,000 X followers and more than 84,000 Telegram users.

Furthermore, the ELON token operates on the Ethereum and Polygon networks, following the ERC-20 standard. Validators must stake a minimum of 32 Ether to maintain Ethereum’s network security and transaction processing, which allows them to process, store data, and add blocks to Ethereum’s blockchain using the Proof-of-Stake consensus.

Polygon complements Ethereum by providing a layer-two scaling solution that improves transaction capacity and efficiency, thus eliminating the common issue of high transaction fees, also known as ‘gas wars’.

Technical Indicator’s Analysis Of ELON Crypto And Its Price Forecast

At the time of writing, the Dogelon Mars price prediction illustrates that the token monthly performance had been bearish on the chart (-17.25%). The price showed strong sustenance signs at a crucial support level of around $0.0000001840.

Once again, the ELON crypto may experience a significant increase. That’s because its price had previously soared from nearby to this level of support, which will push the Dogelon Mars asset to higher levels from its current supporting range.

Dogelon Mars asset is displaying bullish behavior as the MACD is at -0.00000002213, and the histogram is at -0.00000001538 that is not growing, instead, both lines have started to converge, which highlights bullishness in the last couple of sessions and confirms the sustenance activity. Similarly, the RSI is at 37.62, highlighting that it can extend its gains in ELON price as it has taken a U-turn towards 14-SMA.

Meanwhile, the Dogelon Mars asset chart shows a resurgence in bullish strength and an increase in the probability of a price rise. If buyers come into the market, Dogelon Mars’s price could surpass the important 20-day and 50-day EMAs from a lower position.

Dogelon Mars crypto fell 1.22% in the past 24 hours and was being traded at $0.0000001975 at press time.

Therefore, if the demand for the Dogelon Mars price (ELON) increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $0.0000002300 and $0.0000002600. Another possibility would be if the price value of ELON crypto fails to stay above $0.0000001840, it could also see a further decrease.

Price Volatility (1W) And Weighted Sentiment About Dogelon Mars

The weighted sentiment for the ELON token price highlights a bearish sentiment. The weighted sentiment peaked earlier, but recent sessions show that it has declined and sustaining near the deciding line.

The current ELON price displays less volatility than previous sessions, indicating that the price is stabilizing. The weight of buyers and sellers will determine the next move on the daily chart.

Summary

Dogelon Mars price prediction reflects a battle between bulls and bears on the daily graph. Momentum initially favored buyers, leading to new highs, but shifted to sellers in mid-March, causing a steady decline. Despite this, buyer support is evident, determining the next direction on the daily chart. 

The token’s monthly performance has been bearish, but shows support at $0.0000001840, suggesting a potential price increase.

Dogelon Mars asset is showing bullish behavior with MACD at -0.00000002213 and histogram at -0.00000001538. The RSI is at 37.62, suggesting potential gains. The chart reflects increased bullish strength, indicating a possible price rise. 

Despite a -1.22% decrease in the past 24 hours (trading at $0.0000001975), if demand rises, ELON price could bounce back to $0.0000002300 and $0.0000002600. However, failure to stay above $0.0000001840 may lead to further decline. Weighted sentiment is currently bearish, but price volatility is decreasing, stabilizing the price. Buyers and sellers will impact future moves on the daily chart.

Technical Levels

Support Levels: $0.0000001840

Resistance Levels: $0.0000002300

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.