- The RSI shows a strong bearish divMBOXence with the MBOX token’s price
- The MBOX/BTC pair was trading at 0.0002118 BTC with a gain of 28.27%
- The 24hr trading volume in MBOX token is $959.9 Million
The MBOX token showed a fantastic growth of 150% in just three trading days. This rally started when the price jumped from the $4 mark showing a strong bullish candle with rising volume. However, the price is currently being held at $10.5 and displays strong rejection from this level with an evening star candle pattern. Anyway, it failed to drop any lower as the chart shows a morning star candle pattern, keeping the token’s price just below the overhead resistance.
The RSI (BULLISH) is at 70, indicating the bullish sentiment in this token. However, the RSI line also shows a bearish divergence, indicating the weakness in the bullish momentum.
MBOX Token Forming A Double Bottom Price Pattern
The MBOX shows a breakout from a double bottom pattern in the hourly time frame. The pattern has a neckline at the $10.5 mark and could provide an excellent long opportunity if the token manages to close its candle above the broken level.
Furthermore, the MBOX token chart also shows an upcoming ascending trendline, providing good support to the token’s price. This trendline could be very useful for the MBOX traders, as they can use it to grab good entry opportunities in this bull market.
Concerning the EMA, The MBOX token price is trading above the crucial EMA’s 20, 50, and 100, indicating a bullish trend in the token. In addition, the chart also shows the price is getting strong dynamic support from the 20 EMA line.
The MACD indicator shows bullish momentum in this token as both the MACD and the signal line are moving above the neutral zone. Moreover, these lines are also on the verge of giving a bullish crossover, which will provide a good buy signal for MBOX traders.
Conclusion: From a technical perspective, the overall trend of the MBOX token is bullish. And will remain so until the price breaches the support trendline. However, as mentioned above, the price action brings an excellent long opportunity for its traders, with its double bottom pattern. Thus, the MBOX traders should wait for the price to sustain above the $10.5 mark before entering the coin market.
Support– $10.5, $8.8
Resistance- $12