Bitcoin
BTC$41 830.57

-4.04%

Ethereum
ETH$2 900.30

-5.79%

Tether
USDT$1.000560

0.05%

Cardano
ADA$2.12

-4.44%

Binance Coin
BNB$338.82

-2.63%

XRP
XRP$0.927879

-3.26%

MonaCoin (MONA) Is Subtly Bullish


#MonaCoin

It is quite fascinating how a cryptocurrency like MonaCoin (MONA) gets to be in such a favorable and healthy position at the moment, even though it doesn't have any unique fundamental value to boast about - MONA supports a P2P payment network. Also, it is not featured on any major cryptocurrency exchange - nearly 90% of all trading activities take place on a relatively small platform, in terms of liquidity, called Bitbank, with the overwhelming majority of operations occurring in the pair MONA/JPY. The trading volume itself is okay for the coin that is ranked 60th - over the past three months, it amounted to $4 million/day on average.

But it is the gains factor that should really drive the attention of retail traders towards the Japanese cryptocurrency. Even though MonaCoin is not the strongest of gainers, it still managed to remain in the green on the yearly time frame against USD (29.6%), Bitcoin (16.4%), and Ethereum (47.5%), and it is also in the double figures on the monthly time frame.

The all-time ROI still stands at an impressive 2042%, with the all-time low at $0.019 being nowhere near the current price of $1.65. Therefore, despite being the quiet coin that doesn't attract a lot of attention from news outlets and crypto experts, MONA is putting up respectable results, thus making this market worthy of opening a position, given that you are registered on Bitbank, Bittrex, Crex24, or other exchanges that feature this coin.

MONA is in the revival mode


The all-time chart of MonaCoin shows that the price is actually making an effort to initiate at least a secondary uptrend by making lower highs at the end of each price cycle since the beginning of 2019.

HIstorical MONA/USD chart

These lower highs, however, constituted a part of the rising wedge, which is deemed as a bearish pattern, although from the looks of it, the price has actually broken out of the wedge to the upside, signifying the probable start of the bullish rally. But if that's the case, the rally is at a very nascent stage because MACD is still in the bearish territory slightly below zero, showing no apparent intent of switching to the bullish side. The 14-period RSI hasn't left the neutral zone between 40 and 60 for nearly two years, but right now, the oscillator travels lazily northward, which could mean that the bulls are gradually seizing the initiative. If the buyers do get the upper hand in this market on the macro level, then MONA's next price target is at $2.4, which is a peak of the bull rally of the summer of 2019.

On the daily time frame, MonaCoin is sitting at an extremely important juncture that could decide the course of its price action for the next few months.

1-day MONA/USD chart

At the beginning of May, MONA rose above a crucial resistance at $1.53 that has been the point of attraction for the price ever since it had gone out of hibernation in 2017. It is vital for MonaCoin to stay above that level if it ever intends to go bullish, while traders should consider it a good determinant for a stop-loss. Stochastic is still bullish on MONA as it is yet to enter an overbought region, though ATR began to decline, so we expect a certain period of consolidation with bullish inclination, upon which the price could go above $2.

Author: Alex Paulson for Crypto-Rating.com

Related

MonaCoin Has Serious Bullish Intentions
MonaCoin Has Serious Bullish Intentions

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 74.8% 41 $41 830.57 -4.04% -3.12% $787 608 951 535 $30 956 829 833
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 56 $2 900.30 -5.79% -4.28% $341 387 673 705 $16 948 397 599
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000560 0.05% 0.05% $68 581 448 843 $67 387 184 321
4 Cardano (ADA) ADA Cardano predictions 68% 70 $2.12 -4.44% -3.17% $67 752 619 605 $2 735 590 029
5 Binance Coin (BNB) BNB Binance Coin predictions 68% 59 $338.82 -2.63% -8.65% $56 968 565 730 $1 441 932 933
6 XRP (XRP) XRP XRP predictions 75.6% 50 $0.927879 -3.26% -1.97% $43 348 318 686 $2 723 347 351
7 Solana (SOL) SOL Solana predictions 66% 68 $133.61 -8.48% -4.91% $39 737 184 358 $2 505 852 045
8 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000582 0.07% 0.05% $31 278 878 412 $3 206 085 319
9 Polkadot (DOT) DOT Polkadot predictions 68% 68 $27.57 -4.79% -6.28% $27 229 665 528 $1 489 527 276
10 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 63 $0.200266 -2.61% -6.96% $26 329 699 638 $833 434 793
11 UniSwap (UNI) UNI UniSwap predictions 67.2% 68 $24.01 -1.04% 13.50% $14 682 674 805 $1 173 159 622
12 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 84 $66.00 -7.99% 4.98% $14 539 183 357 $1 047 963 478
13 Terra (LUNA) LUNA Terra predictions 68.8% 61 $35.04 -4.51% 23.72% $14 012 646 384 $1 534 292 582
14 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000446 0.07% 0.02% $13 532 124 274 $4 668 219 259
15 Chainlink (LINK) LINK Chainlink predictions 67.6% 70 $23.36 -3.44% -2.07% $10 627 202 783 $1 044 812 386

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.