Dogelon Mars price has been in a consolidation phase in the past few days as the remarkable comeback experienced early this month fades. ELON token was trading at $0.00000032, which was a few points below the year-to-date high of $0.00000035. It has a total market cap of more than $177 million.
ELON recovery fades
Dogelon Mars is one of the many meme tokens that emerged in 2021 at the height of the meme coin frenzy. The token was launched to take on Dogecoin and other meme coins like Shiba Inu which are now worth millions of dollars. Its name cames from Dogecoin, Elon Musk, and mars.
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Unlike Shiba Inu which is building its ecosystem, Dogelon Mars has remained a community token with no major use. According to its website, users can follow the story of Dogelon Mars as he explores the greatest mysteries of the galaxy. (It is not even clear what that means).
A close look at Dogelon Mars shows that its price tends to mirror that of Bitcoin. According to ITB, ELON and Bitcoin have a correlation coefficient of 0.93, which is closer to 1. At the same time, the overall concentration by large holders is 84%, meaning that these whales can manipulate the price.
Other on-chain metrics are raising concerns about the activeness of the coin. Data shows that the number of active addresses stand at 304, which is tiny for a coin valued at over $177 million. At its peak in October 2021, the network had over 20,000 addresses as shown below.
Therefore, because of the correlation with Bitcoin, there is a likelihood that the coin will retreat in the coming days as the momentum fades. A potential catalyst will be the upcoming Federal Reserve decision that is scheduled for Wednesday.
Dogelon Mars price prediction
A quick look at the chart below shows that the ELON price has formed a number of chart patterns. For example, it has formed a cup and handle pattern, which is usually a sign of a bullish continuation. On the other hand, like Cardano, it has formed a triple-top pattern, whose neckline is at $0.00000030. It has also moved slightly below the 25-day and 50-day moving averages.
Therefore, because of the triple-top, we can assume that Dogelon Mars price will have a bearish breakout ahead of the Fed decision set for Thursday. This outlook could see it retest the key support at $0.00000030.
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