A sudden 5.41% gain in the crypto market has lit up the green candles. Will they continue to burn for some time, or will underlying bearish pressure blow them off course? With this jump, Bitcoin (BTC) is trading at $71K and Ethereum (ETH) at $2K. Meanwhile, MUBARAK has posted a solid 11.48% jump over the last 24 hours.
In the morning hours, the asset traded at a low of $0.01368. Eventually, Mubarak broke some crucial resistance zones between $0.01375 and $0.01607 and moved up to $0.01614. At press time, MUBARAK traded within the $0.01533 mark, with a market cap of $15.38 million. Besides, the trading volume has exploded by 127% to $27.77 million.
With the awakened bulls in the MUBARAK market, the price might climb to the resistance at $0.01564. If the upside pressure strengthens and crosses this range, the golden cross would emerge, taking the asset’s price to a recent high of $0.01595.
In the case of a bearish reversal, the asset’s price could slip back to the support level at around $0.01502. Further correction on the downside might trigger the MUBARAK bears to gain more traction and likely send the price even lower.
MUBARAK Sees Fresh Bullish Revival on the Charts
MUBARAK’s Moving Average Convergence Divergence line is above the signal line, showing that the bullish momentum is building in the market. This becomes stronger if the MACD continues moving higher. The Chaikin Money Flow (CMF) indicator at 0.16 points to healthy buying pressure, with the money flowing into the asset. With the ongoing accumulation, the buyers are more active than the sellers.
In addition, the Bull-Bear Power (BBP) reading of 0.00209 indicates a neutral momentum, with a slight bullish bias. This positioning hints at a consolidation phase rather than a strong trend. If it climbs higher, the bullish momentum would be strengthened.
The daily Relative Strength Index of MUBARAK at 62.37 suggests moderately strong bullish sentiment, with buyers holding the momentum. It has room for further upside without being overstretched. With the RSI continuing to move up, the uptrend may intensify.
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