Is ELON a good investment?
The Dogelon Mars prize is doing relatively well. ELON, its native token, trades at $ 0.000002, bringing its total market cap to over $ 989 million. According to CoinMarketCap, the same coin is now the 95th largest cryptocurrency in the world. CoinGecko places the ranking at around 112.
ELON bounces back
Coins themselves have become relatively popular cryptocurrencies in the recent past. A quick glance at the crypto rankings shows that coins like Dogecoin and Shiba Inu are among the biggest platforms in the world. The two have a combined market capitalization of over $ 45 billion. This makes them bigger than many well-known companies like Southwest Airlines, Box, and Lazard.
Dogelon Mars is one of the fastest growing meme coins in the world. The cryptocurrency was built using the Ethereum network after being inspired by the success of Elon Musk and Dogecoin. Musk is the richest man in the world with a net worth of over $ 290 billion. He also became one of Dogecoin’s top evangelists.
The name Dogelon Mars and Elon’s ticker are all derived from Elon Musk and Dogecoin. Mars refers to the fact that Elon Musk’s company, Space X, is exploring trips to Mars.
Still, from a fundamental standpoint, one has to be careful about Dogelon Mars. For one thing, unlike popular cryptocurrencies like Ethereum and Bitcoin, it has minimal value in use. However, the same can be said about other coins like Shiba Inu and Dogecoin.
Therefore, the coin is likely to continue to rise due to its popularity on social media platforms like Twitter and Reddit. Dogelon Mars’ Twitter account has over 300,000 followers while its Telegram account has over 85,000 followers.
Forecast Dogelon Mars
The chart below shows that the Dogelon March price has been trending upward over the past few weeks. And today it hit a high of 0.0000018 USDT, which was the highest level since November.
On the four hour chart, the coin has successfully moved above the descending trendline which is displayed in black. It also broke the 25 and 50 day moving averages as the Relative Strength Index (RSI) hit the overbought level of around 85.
Therefore, I suspect that the part will have a pattern for breaking and retesting. This is where it moves and tests the descending trendline again, then continues with the uptrend.