MCOIN’s price has stayed steady in recent days, hovering at $0.7003. This comes after a prolonged period of decline, with the cryptocurrency facing difficulties in shaking off the bearish trends of the past few months.
Following a significant drop earlier this summer, MCOIN has been moving sideways, showing little sign of building the strength needed for a lasting rebound. The current price remains far below key resistance levels, with the token failing to move past $0.710 in recent sessions.
Momentum indicators reflect this ongoing struggle. The 20, 50, 100, and 200 Exponential Moving Averages (EMA) are all positioned well above the current price, suggesting that most holders remain in loss-making positions. This continues to weigh heavily on any potential breakout attempts, as selling pressure is likely to persist at key resistance points.
On the 2-hour chart, the lack of volume indicates limited buyer interest, while the Money Flow Index (MFI) remains in the neutral zone at 45. This further highlights the potential for bearish activity to intensify in the coming days.
Key support levels to watch are around $0.685. If the price falls below this, the next support is at $0.670. On the upside, any significant move will need to breach the $0.710 resistance level. Should bulls manage to gain control and push above this, MCOIN could see an upward trajectory, with the next resistance at $0.750. However, the current market outlook leans towards further consolidation or decline unless a strong catalyst emerges.
This post was last modified on %s = human-readable time difference 13:06