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- 1 The price action highlights positivity on the chart with a fascinating bullish pattern.
- 2 The RSI is surging smoothly and taking support from the 14-SMA smoothened line.
The MongCoin crypto had exhibited a price rally around December 2023, as the price rose from $0.000000006000 to $0.000000038500 and plummeted after struggling to jump above. It is showing buyers’ rejection from the supply area and sellers became dominant.
Since the price did not increase above $0.000000038500, it caused the price to fall in a downward wedge and extend toward the demand zone. From the demand zone, the price took support, showed some spikes, and cut the dynamic resistance of EMA’s from below.
What Is the Next Move for the MongCoin Crypto Price?
Analyzing the price pattern depicted on the daily chart, MongCoin cryptocurrency has displayed indications of a potential breakout. The price demonstrated strong support signals at a key level of around $0.000000009000 on the chart, and the price action has built a bullish pattern known as a ‘falling wedge.’
The MONG token is almost geared for a phenomenal surge as it harnesses buyers to crack the resistance level and rocket towards higher target levels or retest the supply zone from the current support demand level.
Apart from that, the price structure in MongCoin assets displays bullishness and the potential to continue increasing the price above the major trend 20, and 50-day EMA bands; reluctant on the buyer’s increase, the price could shoot upwards and reach or reclaim levels above.
Even though the technical indicator in MONG crypto assets is showing bullish characteristics, MACD shows a bullish crossover. MACD line is at -0.000000000087, the signal line is at -0.000000000604, and the histogram is at 0.00000000517.
Likewise, the RSI is surging smoothly and taking support from the 14-SMA smoothened line, signifying that the MongCoin price is gaining momentum and can achieve new heights. RSI is currently at 54 and 14-SMA is at 46.
In an overall chart examination, the MONG crypto displays positive behavior and indicates potential for further growth in future sessions. Its past price structure shows that it has attained good performance in the last week and quarter by 15.00% and 68.85%, respectively, signifying the beginning of an upcoming stable breakout in an upward direction.
At press time, the crypto has experienced an incline of 1.54% in the last 24 hours, and the CMP is trading at $0.0000000133.
Therefore, if the demand for MongCoin increases with momentum, the asset price could continue to rise from the current level. The next goal for the price could be to reach supply to retest it at $0.000000033000, and the in-between hurdle would be $0.000000020000.
Another possibility is that if the MONG token price fails to stay above the $0.000000006000 level, it could decline further.
Summary
MONG price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The MongCoin price action highlights a bullish view at the time of publishing, as it recently attempted to surge by breaking the wedge, and technical parameters confirm the bullishness.
Technical Levels
Support Levels: $0.000000006000
Resistance Levels: $0.000000020000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
