Analysis

MONA Technical Analysis: Tables to Turn for MonaCoin with $1.30 Support

MONA coin aims to reach the $1.60 mark with a 20% price jump if it manages to give a bullish breakout of the descending triangle. MonaCoin is believed to be an open-source peer-to-peer payment system and has enjoyed an ephemeral following for a long time. What makes MonaCoin attractive is the fact that unlike the other meme currencies it’s priced fairly. As of this writing this article, it is trading at $1.35. It came frighteningly close to the $17 mark in December 2017. And, if the price shows the gains again, investors can enjoy tenfold profits. Read more to know more about the MonaCoin technical analysis. Past Performance of MONA MONA coin price shows a 17% fall in the last month while maintaining a downtrend and generating a resistance trendline. However, the $1.30 mark provides constant support and avoids further downfall to the $1.15 mark. Therefore, traders can expect an uptrend that breaks above the resistance trendline in action. MONA/USD 4-Hour Chart MONA Technical Analysis The MONA price action forms a descending triangle pattern in the 4-hour chart thanks to the $1.30 level and the resistance trendline in action. Moreover, the lower price rejection in the recent candles indicates a rise in underlying buying pressure. The RSI indicator at 44% shows a constant struggle to break above the central line in the 4-hour chart. Therefore, traders can seek an entry spot at the 50% level. The MACD indicator shows a spike in buyers line and shows a high possibility of a bullish crossover in the 4-hour chart. However, the lines remain below the zero line, making the crossover a bit weaker. In conclusion, the technical indicators forecast a spike in underlying bullishness which can help traders seek long-side trades.  Upcoming Trend Currently, the MONA coin price jumps from the $1.30 mark with a bullish engulfing candlestick. Therefore, a rise to the resistance trendline is plausible by the day’s end. 

The post MONA Technical Analysis: Tables to Turn for MonaCoin with $1.30 Support appeared first on Cryptoknowmics-Crypto News and Media Platform.

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