- The price of MVL has risen by 13.01% in the past 7 days.
- The MVL price is trading at $0.003303 with a gain of 1.51% during the intraday session.
The Mass Vehicle Ledger (MVL) is a blockchain mobility system that exchanges the mobility data of all participants at fair value and transparency. MVL has launched a new blockchain-based ecosystem created in the automobile industry. The MVL cryptocurrency operates on the Ethereum platform.
The price of MVL has increased by 13.01% in the past 7 days. Recently, the MVL price rose by 1.51% during the intraday session and is currently trading at $0.003303. Moreover, MVL has a current supply of 27,802,958,847.711, with 23,602,958,847 in circulation.
The MVL price data revealed that the price experienced a significant bullish trend for the first time in several months. MVL price has surged about 15% in the past week alone, and the transaction volume has reached its highest point in the present month.
On the higher timeframe, MVL price suddenly surged roughly 75% on April 25, 2023. However, that surge did not sustain and halted with a resistance level of $0.006699. From there, the price fell drastically and formed a strong support at $0.002600.
Due to the solid presence of bulls at $0.002600, the price bouched back at a slow pace while forming higher highs. The bullish sentiment injected the needed strength in the price. Hence, the MVL price experienced a comfortable uptrend trajectory until August 6, 2023.
During mid-August, massive participation of sellers discarded 2 months of uptrend momentum within a week. The price retested the previous significant support of $0.002670 during that fall. Currently, MVL price is showing signs of recovery.
Will MVL Price Retest The $0.003680 Mark?
The current surge has elevated the Mass Vehicle Ledger’s price above the 20, 50, and 100-day EMAs. Controlling for the 200-day EMA showed significant capital entering the MVL crypto market.
The Relative Strength Index (RSI) is hovering above the neutral 50 mark since September 20, 2023. The RSI is at 68.88, indicating a strong presence of bulls in the market while reflecting solid strength during the intraday session.
However, the CMF scores at -0.01, which suggests neither strength nor weakness in the market, and the price might consolidate soon.
Conclusion
The market sentiment of Mass Vehicle Ledger’s price has shown signs of recovery from the past week. Moreover, the technical parameters suggest further increment in the price action.
Technical Levels
Major resistance: $0.003833 and $0.004177
Major support: $0.002663 and $0.002606
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
