Moonchain (MXC) Price Analysis: Reclaiming Key Levels and Eyeing Uptrend Continuation
Moonchain (MXC) has experienced a significant surge of 70% in the past 24 hours, currently trading at $0.0042. This impressive rebound comes after a sharp pullback to $0.0023 following a parabolic rally that saw the token’s price skyrocket from around $0.0010 to a peak of $0.0061 in just two days, marking a gain of over 500%. The heightened trading volume indicates sustained interest and the potential for continued volatility in the market.
Upon analyzing the 4-hour chart, it is evident that MXC price has successfully reclaimed the EMA 20 and is holding above it, with the moving average beginning to slope upwards — a bullish signal. The token has also reclaimed a crucial level at around $0.0040, briefly peaking at $0.0048. The fact that MXC is maintaining above this $0.0040 level, which was previously a resistance turned support, suggests a positive outlook for the token’s price movement.
The current price structure indicates the formation of a potential higher low, signaling the continuation of the upward trend if buying pressure and momentum persist. The immediate resistance to monitor is at $0.0048, representing the intraday peak and a potential new swing high in the ongoing uptrend. A breakthrough above this level could pave the way for a push towards the next resistance at $0.0051, a significant rejection zone during the previous rally in late May.
In the scenario where $0.0048 acts as the latest swing high, a higher low could potentially form around the $0.0040 level. However, if the current 4-hour candle closes higher, it may signify a higher swing high around $0.0051, indicating further bullish momentum for MXC.