- Summary:
- MCoin price is at a crossroads as the market awaits potential volatility after the Fed's Interest rate decision, but the token could rise.
Mcoin price has mostly headed downward in September, amid a wider market decline. That trend has seen it reverse a substantial portion of gains realised in the last month, where during which it has gained 53 percent. After gaining 30 percent in August, MCOIN is down by 8 percent in August, and is on a four-day losing streak as of this writing.
What’s moving MCoin price?
One of the limiting factors to MCoin price gains has been the small number of centralised exchanges (CEXs) in which it is listed. As of this writing, the crypto token is only available on MEXC, Poloniex, Coinstore and LBank exchanges. That has limited its exposure to potential buyers, as CEXs account for the vast majority of cryptocurrency trading activity.
However, the number of CEXs listing MCoin is set to rise, with AscendEX confirming via social media platform X that it will list the token starting September 18. That will expand MCoin’s reach and could potentially help prop up prices. As of this writing, Mcoin’s price is above the 50-EMA (0.582) but below the 20, 100, and 200-EMA levels, which are at $0.606, $0.635, and $0.862, respectively. This signals a neutral-to-bearish momentum.
The timing of the listing is also good, as it comes on a day when the Federal Reserve is expected to announce the first interest rate cut since 2020. The current FUD sentiment in markets has been attributed to higher-for-longer interest rates, and a reversal of the policy could inject fresh volatility into the markets.
Mcoin key levels analysis
MCoin will likely extend the downside if the selling pressure builds up and subdues action below 0.599. With the sellers in control, look for the first support at the 0.593 mark. However, the momentum could strengthen and breach that mark to test 0.584.
Alternatively, a move above 0.599 will favour the buyers to take control, with the first pause likely to be at 0.610. However, if the buyers extend their control, it could enable them to break above that mark, invalidating the downside narrative and potentially testing 0.618.
