MXC Price Reclaims Key Level Amidst Bullish Momentum

The MXC price has successfully reclaimed a critical level around $0.0040 and continues to hold above it, signaling the potential formation of a higher low and a continuation of its upward trend.

MXC Surges 70% in 24 Hours

The price of Moonchain’s MXC token has surged by 70% over the past 24 hours, currently trading at $0.0042. This rebound follows a sharp pullback to $0.0023 after an explosive rally that saw the token skyrocket from $0.0010 to a peak of $0.0061 in just two days—a staggering gain of over 500%. Despite the retracement, trading volume remains significantly higher than pre-breakout levels, indicating sustained market interest and the potential for continued volatility.

Technical Analysis: Bullish Signs Emerging

Analyzing the 4-hour chart, the MXC price has recently reclaimed the 20-period Exponential Moving Average (EMA), holding firmly above it. This moving average has started to slope upward, which is typically viewed as a bullish indicator. Furthermore, the token has regained a crucial level at $0.0040, a previous resistance zone from an earlier swing high that has now flipped into support. Earlier today, MXC briefly peaked at $0.0048 before consolidating.

At the time of writing, MXC continues to hold above the $0.0040 support level, reinforcing the bullish structure. This level could act as the foundation for further upward movement if buying pressure persists.

Key Levels to Watch

  • Immediate Resistance: The next resistance to monitor is $0.0048, the intraday peak from earlier today. A decisive breakout above this level could pave the way for further gains.
  • Next Target: If $0.0048 is cleared, the price may aim for $0.0051, a previous rejection zone during the late-May rally that preceded the surge to $0.0061.
  • Support Zone: Should the price retrace, the $0.0040 level is expected to act as a strong support, given its recent flip from resistance.

Potential Market Scenarios

The current price structure suggests the formation of a higher low, which is a bullish continuation pattern. If the $0.0048 resistance is breached, it could confirm a new swing high, potentially driving the price toward the $0.0051 level. Conversely, if $0.0048 holds as resistance, the token may consolidate around the $0.0040 area before attempting another breakout.

Traders should also keep an eye on the 4-hour candle closures. A close above $0.0048 could signal a stronger bullish momentum, while a failure to maintain the $0.0040 support might introduce short-term bearish pressure.

Overall, MXC’s recent performance highlights its potential for volatility and growth, making it an asset to watch closely in the cryptocurrency market.

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