MongCoin (MONG) price replicated a bounce from the demand zone of $0.0000001000 and healed back over 180% in the last few weeks. The price action shows the follow-on buying momentum and bulls’ accumulation. The coin displayed a retracement from the highs of $0.0000000400 and has retested the 200-day EMA mark. However, the trend is neutral, and bulls have retained the bullish trajectory, leading sellers into trouble.
The MongCoin price has escaped the key moving averages and is retaining gains for the past sessions. The trend is intact, and further bounce may lead the MONG price toward the $0.0000000400 supply region. Following the crypto market surge, MongCoin settled the correction and reverted the trend. Per the Fib retracement levels, the coin price has escaped the 38.2% zone and depicts a rebound.
The MongCoin (MONG) price was $0.00000002976 at press time, with an intraday gain of 3.78%, showing neutrality on the charts. Moreover, the trading volume has increased by 25.67% to $5.61 Million. The Filecoin price has a weekly return ratio of 52.81% and 192.37% on a monthly basis. The pair of MONG/BTC is at 0.000000000000446 BTC, and the market cap is $17.23 Million. Analysts are neutral and suggest that the Mongcoin price may continue to extend the gains and retest $0.0000000400 soon.
The MONG Price Displays Rounding Bottom Formation: Can MONG Trigger a Breakout?
On the daily charts, the MongCoin (MONG) price has depicted a rounding shape of recovery and has climbed above the key moving averages revealing the bull accumulation. The pattern’s neckline is near $0.0000000400; if it breaks, the coin will sharply run toward $0.0000000500 soon. Conversely, if it fails to surpass, a retracement can be seen.
The Relative Strength Index (RSI) curve stayed in the overbought zone and formed a positive divergence, replicating the bullish sentiments on the charts. Similarly, the MACD indicator shows a bullish crossover, and the green bars formed on the histogram suggest a favorable bullish outlook for the upcoming sessions.
The MONG Price Rebounded From Demand Zone on Weekly Charts
On the weekly charts, the coin has made a bottom near the lows of $0.0000000057 and showcased a recovery along with the formation of three white soldiers, which reveals investor interest. The trend displays the reversal, and buyers have exceeded the neckline hurdle of $0.00000002700 and jumped above the 50-day EMA mark.
Summary
The MongCoin (MONG) has initiated a reversal and is delivering fresh buying momentum, escaping the key $0.00000002500 hurdle. Moreover, the bulls are looking aggressive and will continue to extend the pullback to attain a breakout above the $0.00000003200 mark.
Technical Levels
Support Levels: $0.00000002700 and $0.00000002500
Resistance Levels:$0.00000003200 and $0.00000003500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
Source: https://www.thecoinrepublic.com/2024/03/06/mong-price-prediction-can-mong-continue-to-advance-gains/