Dogelon Mars price prediction as Elon Musk nears Twitter deal
Cryptocurrency prices have struggled in recent days as concerns about further tightening have increased significantly. During this period, Dogelon Mars price fell to $0.000001, around 12% below the weekend high. ELON is still around 30% below the highest point this year, bringing its total market capitalization to around $548 million.
There hasn’t been a major catalyst for other meme pieces over the past few days. Consequently, the coin reacted to the performance of other cryptocurrencies and even stocks. For example, the coin fell sharply on Friday as the Dow fell over 1,000 points. The price action was mainly driven by a significantly hawkish statement from the Federal Reserve.
The potential catalyst for the Dogelon Mars price will be reports that Elon Musk and Twitter are close to a deal. According to the WSJ, the two sides met on Sunday and are likely to announce an agreement as early as this week. This will come as a surprise given that the company had to reject the acquisition offer if that happens. However, Elon Musk insisted he would not change his $54 offer.
Analysts expect the Dogelon Mars price to do well if Elon Musk succeeds in acquiring the company. Moreover, it bears his name and Dogecoin, his favorite cryptocurrency. If this happens, the price rise will be brief.
Dogelon March Price Prediction
The four-hour chart shows that the ELON price has pulled back recently. The coin is trading at $0.000001, slightly above the important support level at $0.0000009, which is the chin of the double top pattern. It is also trying to move below the 25-day moving average as the MACD pointed down.
Therefore, at this point, a break below the important support at $0.0000009 will signal that the bears have prevailed. If this happens, the next reference level to watch will be the upper side of the descending channel at $0.00000008. A move above the resistance at $0.0000011 will invalidate this view.