Quick Summary:
- MUBARAK registered an increase of 18 percent in the last 24 hours with a price of about $0.061.
- The number of daily trades jumped 49% to $144 million.
- Price surpassed major resistance points, and the highest index was the value of $0.06314.
- The current market cap is at $61 million.
- The asset experienced a 109% increase over the last 30 days indicating the asset is in the bull market.
- Technicals are pointing towards a further recovery, yet a warning against upheaval is necessary.
Bullish Breakout by Mubarak
MUBARAK has drawn the attention of investors with a bullish 18 percent rally, which is presently trading around $0.061 compared to open price $0.05105. This crypto has managed to breach key resistance areas ranging between $0.05246 and $0.06285 to a high of $0.06314, indicating extremely bullish activities.
The trading volume also increased by over 45 percent to reach $144 million, which shows more market active. Mubarak has a market cap of more than $61 million, and it is currently performing well to regain status among trending crypto assets.
The Technical Indicators are pointing towards an Uphill Movement
As an analysis of the technicals of Mubarak:
- The line of the Moving Average Convergence Divergence (MACD) is above the signal line, which indicates bullish momentum and possible rise.
- The 0.20 of the Chaikin Money Flow (CMF) indicator indicates the presence of healthy capital flows into the asset that secures positive tendency.
- Bull-Bear Power (BBP) indicator at 0.0080 is an indication of weak bullish momentum.
- Relative Strength Index (RSI) at 68.28 is dangerously overbought, an indication that traders should look out to take short term put downs.
MUBARAK chart (Courtesy of Trading View)
What will be the future of MUBARAK?
In the event the bulls hold, Mubarak has the ability to breach the resistance area of $0.06106. Clearing this will initiate a possible golden cross, which will spark a rally up to the $0.063 point. In its turn, any bear pressure could take the price down to the support point of $0.059, and farther down could lower the price to the vicinity of $0.05720.
Of note here is the fact that there has been liquidation of MUBARAK to the tune of $1.35 million in the market during the recent days that serve as a reminder of how crypto trading can be volatile.
Good performance in the month
- Huge Monthly Growth
- Strong monthly growth
- Huge monthly sales
In the last month MUBARAK has traded with a spectacular 109 percent benefit as it posted a low of $0.025 and touched a high of $0.067. This sharp increase reflects newfound confidence and interest in purchases by investors.
Conclusion:
The current price trend and technical indications of MUBARAK are promising, and there is an upside momentum in future price movement, though traders should be cautious against possible short-term pullbacks since the asset has seemingly reached a semi-overbought position. Solid volume and a bullish trend show that MUBARAK may have a new phase on the rise ahead, making it a hot asset on the crypto market.