- The MVL coin price has Surged by over 8% in a week and declined by over 24% in the last six months.
- The current market price of the MVL coin is $0.003376.
After the listing, MVL coin price has traded in a sideways trend for about a year and then it has given a breakdown. It has been declining since then and melted down over 90% of the gains till the current time. The initial investors of the coin, who are still holding it, might have gone through a lot of suffering.
The MVL coin halted its downfall in Jan 2023 and started an uptrend that lasted till April 2023. In between, the coin price has shown a massive jump of over 96% within just four months. This upward move took a halt in April and then the coin price again declined to the year’s low level. However, it has started rising slowly and is trading up by over 40% from the annual low.
The recent behavior of the MVL coin indicates that the Bulls are trying to dominate the price. However, the sellers are providing enough liquidity to the price and are making it difficult for the buyers to push the price up. The coin price is rising in a zigzag form and formed a rising channel pattern on the daily chart.
A Quick Glimpse of the MVL Coin Chart
If we compare the MVL coin to the current trend of the crypto market, it is a clear underperformer as of now. It has not yet participated in an upward rally and is looking weak on the chart. The MVL coin price has formed a symmetrical triangle pattern on the daily chart. However, it has recently broken the pattern on the higher side but has failed to show great momentum.
The resistance level for the coin is present at the levels of $0.004163 and $0.00585, which is drawn in red on the chart. Considering the Support level, it is present at the level of $0.002773 and $0.002377. The resistance and support levels for the rising channel are present at the level of $0.003358 and $0.003081 respectively.
A Short Glance on the Bollinger Bands and Relative Strength Index
The MVL coin price has recently closed above the upper band of the Bollinger Band Indicator. However, it has closed inside the band which is a bearish sign for the coin. The Relative Strength Index is curving at 56.90 which is a bullish sign for the coin and the slope of the RSI is downward. It indicates that the bulls have lost momentum.
Conclusion
MVL coin price has been following a rising channel pattern and the token price must break this pattern for any major move. It is considered a bearish pattern as the win ratio of this pattern favors the bears. If the coin price breaks the level on the downside, it can move toward the level of $0.002773 and $0.002377. $0.004163 can act as a major resistance level for the coin.
Technical level
Resistance – $0.004163 and $0.00585
Support – $0.002773 and $0.002377
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.