Mong coin is breaking below the key moving averages, demonstrating the weakness and the bearish momentum in the one-day time frame. Bears are overpowering the bulls and took the price in their grasp.
The MONG price halted near the value of $0.000000028782 and from the upper level, it’s moving in a downward direction breaking below the 20, 50, 100, and 200-Day EMAs showcasing the seller’s dominance over bears.
The MONG/USDT price has declined by a whopping 27.93% in the week, eroding the gains of the last month. However, the price is spiked by $120.07%. Furthermore, the price has declined by -27.93 % and is down by -68.11 % past year. Additionally, as per the trading view, the technicals are on the sell side. Out of 26 technical indicators 13 are on the sell side, 9 on the neutral and 4 on the Buy.
At the time of writing the MONGUSDT is trading at the level 0.000000012755 with an intraday drop of 6.03%.
The market cap of the Mong Coin increased by 10.18% in the previous 24 hours and the volume increased by $62.16%. The current market cap of the crypto is $10.18 Million and the volume is $1.05.
The volume-to-market cap ratio is 10.15%, which demonstrates the mild volatility in the market. The total supply of the coin is 690 trillion, which is also a max. supply. It has a fully diluted market cap of $12.05 Million.
Will Mong Coin Bounce Back from the Current Level?
Mong’s price is trading below the key moving averages showcasing bearishness on the charts. The price recently broke the key moving averages however it might bounce back from the lower levels
The MACD indicator is currently heading downward below the zero line indicating bearishness. The signal line is above the MACD line and the histogram is showing red bars.
The RSI curve is trading Below the 14 SMA line and the median line showcasing bearishness on the daily chart.
Overall, the indicators are on the bearish side however the price might take a reversal from the lower level. If the price gets support from the bulls it takes a reversal and might touch the new highs but if the price does not sustain the current level, it may touch more downside.
Conclusion
The MONG/USDT price is looking bearish on both the one-day and the 4 hour time frame. The price is in the control of the bears overpowering bulls and trading below the key moving averages showcasing bearishness. However, the price might take a reversal any time if buyers support the price and bring the buying volume in the price
Technical Levels
Support Levels: $0.000000010004.
Resistance Level: $0.000000028782
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Source: https://www.thecoinrepublic.com/2024/01/11/mong-price-prediction-whats-the-next-move-of-the-mong-coin/