If you have been in the Crypto corridors for a while, you can’t help noticing the similarity of Dogelon Mars with Doge and Elon Musk. Maybe it’s not straightforward, but there is a connection. Dogelon Mars ticker symbol, ELON, says as much about the association. The naming masterstroke captures the attention of meme coin enthusiasts.
Dogelon Mars is a meme coin that seeks to reciprocate the success of Dogecoin. It then loops in on Elon Musk, the lord of the meme coins. Elon Musk’s tweets on virtual currencies significantly affect the crypto market. Essentially, Dogelon Mars is a Dogecoin fork that seeks to replicate DOGE success and achieve Elon Musk’s vision of colonizing Mars. Remember, canine meme coins like Doge and SHIB have had a successful year breaking the crypto market growth records.
Price Growth and Future Outlook
Dogelon Mars has currently a market cap of $1,983,605,856,593 and ranks 120th on the Crypto list. It started trading at $0.000000120 in May 2021 and grew to a high of 0.000002663 in October of the same year. It is now trading at $0.000001068.
As mentioned, Dogecoin and Shiba Inu grew thousands fold in 2021. Can Dogelon Mars achieve the same feat? This article will explore Dogelon Mars’s price predictions for 2022.
Dogelon Mars Price Forecasts
Predicting the prices of cryptocurrencies with utmost certainty is a tall order. However, we can project the prices of these instruments by extrapolating historical data using mathematical and artificial intelligence. One of the best crypto prediction sites for that is CryptoPredictions.com, below are their Dogelon Mars projections for 2022.
2022 Q1 and Q2 Forecasts
ELON is currently trading at $0.00000113. CryptoPredictions projects the price could rise to 0.000001464 and fall to $0.0000009958 before the end of February. During the month, the price is expected to average $0.000001171. In March, the projections show the price could average $0.0000012407.
The platform predicts Dogelon Mars is likely to begin the second quarter with an uptrend. However, the typical ups and downs could see the value of an Elon coin touch a low of $0.000001127, but a rally would push the price to a high of $0.000001657. The meme coin is expected to gain value in May and June to average $0.000001412 and $0.000001503, respectively. CryptoPredictions.com forecasts Dogelon Mars to rise to $0.0000018788 in June, setting a new high for the first six months.
Q3 and Q4
As per the predictions, the buyers could push prices higher in the third quarter and eventually cross the $0.000002. During the three months, the price is expected to range between $0.000001350570281 and $0.000002195577893.
CryptoPredictions.com algorithm projects Dogelon growth to continue without slowing down. A coin of ELON is expected to trade between $0.000001557159505 and $0.00000246781981 in the last quarter. The price is expected to average $0.00000246781981 in October, $0.000001906164097 in November, and $0.000001974255848 in December.
Fundamental Analysis
Dogelon Mars does not have elaborate use cases. Like other meme coins, much of its growth is based on backing from its dog enthusiasts community. In fact, SHIB and DOGE growth was largely influenced by Elon Musk’s tweets endorsing or integrating them into Tesla payments methods.
Despite the association with his name, Tesla CEO and SpaceX founder Elon Musk is yet to endorse it. A single tweet promoting the Crypto could send the prices to the moon. Dogecoin currently has a market capitalization of $20.92 Billion, while Dogelon Mars is valued at $608 million. Dogecoin would have to grow over 300 times to match Dogelon Mars. Therein underlies great growth potential.
The coin’s supply will also affect the future prices. Dogelon Mars has a maximum supply of one quadrillion. 50% of the token supply is locked permanently in the Uniswap liquidity pool, while the other half was sent to Vitalik Buterin. How the Ethereum co-founder Buterin will use his share will impact the value significantly. First, might donate to a charity which won’t affect the value much. However, burning the Crypto would cut the supply by half. If the demand remains the same or increases, it could significantly boost ELON’s value.
Another factor that could boost the price is listing on the crypto exchanges. In December 2021, the Gemini trading platform made ELON available for trading on ActiveTrader and API/FIX. The mobile application supports the euro, pound, US dollar, and Canadian dollar.
In the same month, Huobi Global also listed ELON. The digital coin surged about 30% after the listing news hit the market. In October, it recorded 3,780% growth. If it is listed on other major crypto exchanges, you can expect the price of ELON to hit new highs. It also became the most trade token among 100 ETH whales after flipping MANA.
Technical Analysis
Technical analysis involves using indicators to predict the future price of an instrument. There are hundreds of indicators with varying degrees of accuracy. Below we check the ELON price forecast using five popular indicators.
The moving average is one of the easiest ways to analyze the price directions. The direction of the MA line points to the market directions. According to the MA line, the downtrend has fizzled out, and the market is set for a trend reversal. How far the rally will move is a wait-and-see situation.
The good news is that the MACD indicator confirms the bullish signal by posting green bars above the indicator’s zero line. This is a telltale sign that the buyers control the market. The ELON value might continue increasing in the coming days.
Using a symmetrical triangle formation can also help us to predict the price of ELON. The price has come back to the triangle after a false breakout. If the price breaks out above the triangle, we can expect the bullish trend to dominate the market. The price could grow and surpass the $0.0000025 all-time highs.
The Relative strength index shows that Dogelon Mars is in an uptrend. The rally comes after a downtrend that led to price dipping into the oversold area. The uptrend seems to have a good growth space before hitting the overbought area and rebounding. This means the market could sustain the rally for days or weeks before corrections.
The Fibonacci retracement is one of the indicators we can actually use to project the price. According to the indicator, Dogelon Mars is at the 50% level. A push higher will see the prices hit $0.000001360. The next resistance is at $0.000001594 before a major resistance level at the current high of $0.000001894. If the price of Elon advances, it will be headed to $0.000002740, at the 1.618 Fibonacci level. This price coincides with the all-time high price level. Beyond that, the price could proliferate to $0.000004124 (2.618 Fibonacci Level).
Conclusion on Dogelon Mars predictions
Meme coins have captured the attention of crypto inventors due to massive growth in a short time. The dog-themed coins have a strong community of followers which keeps the demand strong.
Dogelon Mars is becoming a preferred choice because, being a relatively new coin, it has excellent growth space before reaching its full potential. Coin Exchanges are beginning to list the coin, making it accessible to crypto investors and boosting the demand. Its association with Elon Musk and Dogecoin also gives it some upper hand. If dog-themed meme crypto coins enthusiasts adopt ELON, it could achieve the same feat with SHIB or even surpass it.
This article was originally posted on FX Empire
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