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- 1 The MongCoin crypto is currently edging higher, forming an interesting ascending triangle pattern.
- 2 The MONG crypto currently trades at the $0.0000000141 level, recording a swift Intraday loss of 1.87%.
- 3 The buyers are attempting to hold the price higher in order to regain control of the trend.
The MongCoin price stabilizes near the higher boundary of an ascending triangle pattern, indicating the early signs of breakout. The buyers are continuously shifting their presence at the higher swing lows.
On the lower side, a positive trendline is acting as support and pushing the MONG price higher after every trace. Whereas, on the higher side, the sellers are trying to defend the previous supply zone and a psychological level of $0.000000015 level.
Looking precisely over the daily chart, it was observed that the buyers have made several retests of the supply zone, making it even weaker. Whereas, the sellers seem to be giving up as the crypto is unable to form a new low after suffering rejection from the supply levels.
Recently, the crypto took a rebound from 20-day and 50-day EMAs and attempted to surpass the supply zone. However, the sellers again made a comeback and the price currently consolidates near the supply zone.
Will the MongCoin Register a Breakout or Slump Again?
The buyers seem to be recovering in the short term as the buying is backed by a volume rise, which adds the confirmation bias of a bullish breakout.
The sellers are also continuously losing as the price cannot break lower after suffering from the supply zone. It indicates sellers’ losing interest in further lowering the price.
However, the long-term trend favors the selling side, which might be a concern for the buyers. If the buyers come up with enough buying volume, sellers may lose interest and try to cover their short positions, which may indicate a reversal.
Currently, the most recent huddle for the buyers is at the 0.000000015 level, which, if conquered, may unlock another 20 to 25% potential on the higher side. Short-term traders and investors may target a higher supply level of the 200-day EMA and $0.000000019 level if it breaks on the higher side.
MongCoin Price Technical Analysis
From a technical perspective, the MongCoin price is stuck between the 50-day EMA on the lower side and the 200-day EMA on the higher side, suggesting a mixed outlook. The price’s short-term trend outlook is bullish while the long-term outlook is bearish.
MongCoin Price Prediction for February 2024
The most positive view of our analysts expects the short-term trend to continue and register a breakout of the formed ascending triangle pattern. On the upside, the price has the potential to reach $0.000000019 on a sustained move after the breakout.
The bearish outlook of our analysts hopes for sellers to step in and register a breakdown below the 50-day EMA, after which the MONG token may slide to the lower levels of $0.000000012 and 0.000000010 levels.
MongCoin Price Prediction for 2024
The price prediction for 2024 shows that the MONG token may advance to a high of $0.000000023 by the end of 2024. The less optimistic analysts estimate a price target of $0.0000000191 by the end of the year.
MongCoin Price Prediction for 2025
Over the next two years, The MONG price may reach $0.000000032 mark, suggesting an upside potential of 130.6% by 2025. The pessimistic view is that the price could reach $0.0000000238 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
