- 1 The MONG coin shows a retracement and is losing gains in the past sessions.
- 2 Buyers have come into trouble and are exiting their positions.
The MONG coin reveals a falling wedge pattern and indicates a retracement in the past sessions. Moreover, the coin has slipped below its key support zone of $0.00000001400 and is heading toward the demand zone of $0.00000000800. Recently, the coin replicated an uptrend and reached the swing high of $0.00000003500, but failed to hold the gains and faced a sharp throwback which trapped the bulls.
The MONG coin has slipped below the significant moving averages and is directing underperformance in recent sessions. Furthermore, the trend is neutral and profit booking was witnessed from the highs, revealing sellers’ dominance. The price action signifies the lower lows and displaying selling pressure suggests that the coin may continue to suffer a decline and may retest the lows of $0.00000000800.
This cryptocurrency’s price was $0.00000001090 at press time, with an intraday drop of 1.87%, showing a bearish outlook. Moreover, the trading volume increased by 10.94% to $1.20 Million, highlighting selling pressure. The pair of MONG/BTC was noted at 0.000000000000272 BTC, while the market cap is $6.33 Million. Analysts are bearish and suggest that the coin may retest $0.00000000800 soon.
MONG on Daily Charts Exhibit Falling Wedge Pattern
On the daily charts, the coin forms a falling wedge pattern and has reverted from the highs of $0.00000003500 and eroded over 68% of gains in the past sessions. Per the technicals, the MONG crypto will continue to face a decline and may persist in losing momentum. According to the Fib levels, the coin has slipped below the 38.2% zone and is close to the 23.6% support zone.
The relative strength index (RSI) curve slipped to the oversold region and displayed selling pressure on the charts. Similarly, the MACD indicator shows a bearish crossover. It formed red bars on the histogram, suggesting the underperformance for the following sessions.
MONG on Weekly Charts Displays Rejection from Highs
Recently, the coin claimed a pullback from the bottom and surpassed the 20-day EMA. However, the trend did not persist long and slowly & steady selling pressure led the coin back to its origin. Moreover, the decline suggests a bearish structure and the coin will continue to face consolidation and may hover below the 20-day EMA in the next sessions.
The MONG coin price slips below the ideal support mark of $0.00000001200 and is replicating a negative outlook. Moreover, the price action indicates the selling pressure and more glimpses of bearishness are to be witnessed soon. The trend is favoring the bears and the coin may breach $0.00000001000 in the next sessions.
Support Levels: $0.00000001000 and $0.0000000800
Resistance Levels: $0.00000001500 and $0.00000001800
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.