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On August 15th, 2022, Dogelon Mars (ELON) attained its monthly high and showed impressive performance. However, after the same instance, ELON price started witnessing a steep decline. Even after a slight uptrend in price by approx 7% on August 29th, the crypto asset continued dropping again. This has formed bearish flags all the way since then.
Except for the spike for a while, the trading price of ELON token was consistently on the fall. On September 7th, the price dropped by over 5% after showing horizontal movement. Looking at the movements of the crypto asset, the notion started spreading all over that it might be entering into a bearish phase. The price until yesterday would show the same results but the price found another spike today.
Meanwhile even if the bearish trend would have taken place, it would not act as some new instance given the past experience of the crypto industry that remains mostly in bearish moves. So the ELON token would be an exception to this considering its tandem with the crypto industry. It is likely to move along with the trend where industry is moving on. Most probably, the industry is moving towards a potential bear trend. Many people around the space are considering this bearish trend to come and stay for long.
Keeping all these rational points into account, one thing could be said with certainty that given the uncertainties, making investments in Dogelon might not be a good decision for now. Neither for short nor for the long term.
Not just the Dogelon, it is perhaps the time to keep distance from overall memecoins given their high volatility. Since Dogelon is among those coins which are losing value due to volatility most recently, it becomes relevant to think that people could lose money with it.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
