Cryptocurrency Mamo experiences a 59% surge, reaching a new all-time high - Could a price increase to $0.32 be possible?
In the rapidly evolving world of cryptocurrencies, MAMO has been making waves with its impressive recovery over the past week. At the time of writing, MAMO's price stands at $0.21, having breached its previous All-Time High (ATH) of $0.1865 on July 16th.
The past week has seen MAMO's price surge by 59.9%, and in the last 24 hours, it has risen by 8.7%. This bullish momentum is reflected in the On-Balance Volume (OBV) for MAMO, which indicates strong demand for the token during its recovery.
Technical analysis suggests that MAMO's uptrend may continue, with next probable price targets around $0.25 and potentially reaching $0.32 or higher. This forecast is supported by several key technical points.
Firstly, MAMO's recent dip to $0.098 tested the support at the 61.8% Fibonacci retracement level, but it has since rebounded, indicating a resilient bullish trend.
Secondly, the token maintains support above critical moving averages (20-day and 50-day Simple Moving Averages), suggesting an ongoing bullish trend. The MACD indicator also shows a bullish crossover, with expanding green histogram bars, signaling upward price pressure.
Thirdly, Fibonacci retracement analysis shows MAMO trading near the 78.6% retracement level, which, if held as support, could usher a retest of the ATH and then move toward price discovery at the psychological resistance around $0.25 or higher. Fibonacci extension levels project the rally could extend to $0.32 or beyond.
However, potential downside risks include a drop below the 61.8% Fibonacci retracement level ($0.10), which could signal a bearish trend reversal and increased selling pressure.
Looking at the 1-hour chart, the reset seems to be complete, and MAMO is ready to resume its uptrend. The 50-period Moving Average has been tested as support on the 1-hour chart. The RSI for MAMO briefly poked above 70, showcasing firm bullish momentum, before dipping over the past 24 hours.
It's worth noting that the altcoin market cap fell by 2.26% in the past week, but this hasn't deterred MAMO's price surge. Bitcoin, the industry giant, was down 2.96% in the same period.
Despite the altcoin season index showing a reading of 37, indicating a relatively bearish market, MAMO's strong performance suggests it might be an exception to the rule. The daily trading volumes of MAMO saw sizeable upticks from the 4th to the 6th of August, further supporting the bullish sentiment behind MAMO.
In conclusion, based on current technical indicators, MAMO's next probable price targets are around $0.25 and $0.32, provided it holds key support levels and sustains bullish momentum. However, as with any investment, it's essential to conduct thorough research and consider all potential risks before making any decisions.
- In the cryptocurrency market, MAMO's impressive recovery over the past week has been propelling it toward new price targets, with teachnical analysis suggesting possible targets at $0.25 and even $0.32 or higher.
- MAMO's current bullish momentum is supported by several key technical factors, such as its rebound from the dip to the 61.8% Fibonacci retracement level, strong demand reflected in its On-Balance Volume (OBV), and maintaining support above critical moving averages.
- Despite a relatively bearish overall market, as indicated by the altcoin season index with a reading of 37, MAMO's strong performance and increased trading volumes on the 4th to 6th of August suggest it might be an exception to the trend.
- Investors should conduct thorough research and carefully consider potential risks, given the volatile nature of the crypto market, before making any decisions on investing in MAMO or any other cryptocurrencies.
