- MUBARAK trades near $0.035 following a 16% increase.
- Daily trading volume has skyrocketed by over 1,539%.
With the brief 1.21% bullish spike in the crypto market, the charts are flashing green across a majority of assets. The bulls could send the price up, attempting to gain momentum. Notably, the assets like BTC and ETH are endeavouring to enter the bullish zone. Among the altcoins, MUBARAK has jumped by over 16.08%.
In the morning hours, the asset traded at a low range of $0.03038. The sturdy bullish encounter has pushed Mubarak to test and break through a series of key resistances between $0.03044 and $0.04399 levels to affirm the strength of the uptrend. Gradually, the asset’s price has climbed to a peak of $0.04405.
As things stand, MUBARAK traded within the $0.03553 mark, and its market cap has reached $35.52 million. Besides, the asset’s daily trading volume has exploded by over 1539%, settling at $165.76 million. The Coinglass data revealed that the market has seen $1.15 million worth of MUBARAK liquidated in the last 24 hours.
Is Mubarak’s Momentum Strong Enough for a Continued Uptrend?
The four-hour price chart reports a bullish shift in the MUBARAK market. The potential bulls might push the price up to hit the crucial resistance range of $0.03563. Upon clearing this level with the sturdy upside correction, the golden cross could unfold and trigger the price above the $0.03573 mark.
In the event of the bears stepping in, the MUBARAK price could immediately fall back to its former low at around the $0.03543 support. A failure to hold this range strengthens the downside correction, inviting the death cross to occur, and the asset’s price might see more losses below the $0.03533 zone.
MUBARAK’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This crossover indicates bullish momentum, and the price may continue to rise. Moreover, the Chaikin Money Flow (CMF) indicator value at -0.13 suggests a mild selling pressure in the market. Though the negative momentum is moderate, the capital is flowing out of the asset.
Furthermore, the asset’s Bull-Bear Power (BBP) reading of 0.00677 signals very slight bullish pressure. As the value is just above zero, the market momentum is weak and not strongly moving. MUBARAK’s daily Relative Strength Index (RSI) of 61.69 points to a moderately strong bullish momentum. As the value is above 50, below 70, there is still room for further upside before it enters overbought territory.
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