MBOX Price Analysis: MBOX Token Seems Ready For A Parabolic Rally; Technical Chart Says More 60% Gain Awaits

Source : coingape.com

For around two months, the MBOX price was trapped in an accumulation phase. After struggling at this lower level, the token finally obtained enough bullish momentum to initiate a significant rally, which showed a 118% high in three trading days. The token is currently trying to retest a significant price level to continue its rally. Can you enter at this level?

Key technical points:

  • The MBOX token forms a rounding bottom pattern in the daily time frame chart
  • The MBOX chart displays a bullish crossover of the 20-and-50-day EMA
  • The intraday trading volume in the MBOX token is $1.09 Billion, indicating a 39% hike

Source- MBOX/USD chart by Tradingview

Since the sudden fall of September, the MBOX token price has never seen what’s above the $5.63 resistance. The token kept resonating between the $3.4 and $5.6 mark for around two months, indicating a boring accumulation phase. 

However, on 18% November, the MBOX price finally gave a deceive breakout from overhead resistance, initiating a significant rally and a good possibility of forming a rounding bottom pattern, which has a neckline at the $11 mark.

The technical chart also shows a bullish crossover of the 20 and 50 EMA lines, providing more confirmation for this rally. The Relative Strength Index(75) has shown significant growth in its value.

MBOX/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- MBOX/USD chart by Tradingview

This new rally of MBOX token has shown a high 118% in just three trading days, breaching two significant resistance levels of the $5.6 and $6.7 mark. The token price is currently in a retest phase and will try to obtain proper support for either of these levels.

Thus, crypto traders can grab a great long opportunity for them if the price displays sufficient demand pressure from these supports. The current price of the MBOX token is 7.01, with an intraday loss of 1.96%.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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