MON crypto sheds 14% in two days—can buyers defend $0.028?

Monad’s MON token has relinquished a significant portion of its recent gains, experiencing a decline of about 14% from Sunday through Tuesday.

Monad saw a drop from its approximately $0.034 price area, down to the $0.029 price area. It is now crucial for buyers to hold this important price floor. Doing so is necessary to stop the breakout from late September from faltering even more.

MON gives back its recent gains

MON began October with good momentum, as it climbed from below $0.027 to nearly $0.036, where sellers took over.

That move has since reversed with MON trading near the $0.029 price level at the time of this writing, after falling almost 8% during Tuesday’s session. Its lowest price for the day was around the $0.0282 price level.

With the sell-off came increasing trading activity, showing that the downside was associated with considerable trading. But as with volume, why particular holders traded can’t be established.

Also, some of the MON price trends reflect traders banking some profit after the recent MON strength. The evidence does not suggest profit taking or that any one thing alone was responsible for the fall in value.

The price chart offers a clearer picture: buying pressure weakened after MON failed to remain above $0.034.

Can buyers keep MON above $0.028?

The area between the $0.028 and $0.029 price area is now the first line of defense.

MON has bounced around this level in the past before exploding higher in late September. Additionally, its short-term price has been hovering close to the $0.029 price level, making the area more important.

That support would allow buyers a chance to consolidate. MON would then need to regain control of the $0.030 price level to stage a possible recovery back to the $0.032 price level.

A stronger rebound could see the level at $0.034 rejected, but that too came under immense selling pressure over the weekend, so maybe traders should not hold their breath about it.

The trend becomes more bearish if MON closes below the $0.028 price level. The next support is around the $0.0265–$0.027 price levels, where buyers drove the previous breakout.

Losing this zone will eradicate most of MON’s latest rally, and we could see a shift toward the $0.025 price level.

For now, MON still stays above its wider price averages despite a sharp correction. That means no complete collapse of recent upward structure yet, but little room for buyers left to absorb more selling.

Final Summary

• By Tuesday, MON had declined about 14% from its Sunday high to trade near the $0.029 price level.
• The nearest support is in the $0.028–$0.029 price areas, followed by the $0.0265–$0.027 price areas.