Can MONG Bounce Back from the Lower Level?

MongCoin (MONG) could not hold the high and changed its direction, continuing its downtrend that shows more weakness in the market. The price is below the dynamic support trendline, which could lead to more losses. The market is also in a downtrend on a larger time frame, as it is making lower lows.

MongCoin has been dropping from its peak and making lower-low structures. It is in a bearish trend after breaking below the 20-day and 200-day moving averages. The bearish pressure could push MONG to make a new lower low soon and prolong its downtrend.

The current situation requires traders and investors to be patient and wait for a clear signal of a break above or below the range before making any further moves. They should also avoid FOMO and reduce their losses.

The MongCoin crypto price fell by 32.19% last week; it declined by 38.37% in the last month. Moreover, the MONG crypto experienced a gain of roughly 294.40% within the past year. These trends collectively indicate the volatility faced by MongCoin in recent times.

Technical Analysis of MongCoin Crypto Price in 1-D Timeframe

At the moment, the MongCoin crypto (USD: MONG) is trading below the 50 and 200-day EMAs (exponential moving averages), which are not supporting the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the 20-day EMA. However, the sellers seem to be more aggressive than buyers.

The RSI is currently at 41.40 points. The 14-day SMA is above the median line at 40.02 points which indicates that the MongCoin crypto is bearish.

The MACD and the signal lines are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the MONG price.

Summary

The MongCoin crypto price prediction suggests a mild bearishness on the chart. The sellers are dominating at the higher levels. MongCoin’s (USD: MONG) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are giving negative signs and imply that the downtrend may continue. The price action suggests that the investors and traders are bearish on the 1-day time frame. The technical analysis suggests that the MongCoin crypto price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.

Technical Levels

Support Level: $0.00000000500.

Resistance Level: $0.00000001387.

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 own research before making any financial decisions

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.