Mamo crypto soars 59%, hits ATH – Is a $0.32 rally in sight?
The Fibonacci extension levels showed that MAMO could extend its rally to $0.32 or even higher.
Key Takeaways
The Mamo crypto price dip to $0.172 has tested the liquidity below the market price, and it has responded bullishly. The 1-hour chart showed that the reset was likely complete and the token was ready to resume its uptrend.
Mamo [MAMO] crypto was up 8.7% in the past 24 hours and 59.9% in a week.
Over the past week, Bitcoin [BTC] and the rest of the altcoin market have suffered losses. BTC was down 2.96% in the past week, and the altcoin market cap fell by 2.26%.
The altcoin season index showed a reading of 37 at the time of writing. It was nowhere near being an altcoin season, so traders and investors should not expect extremely quick gains.
Mamo crypto has been measured in its uptrend. Even if it’s not an alt season, MAMO looks likely to continue its uptrend.
MAMO crypto breached its former ATH, flips it to support
On the 16th of July, Mamo crypto had made a swing high at $0.1865. This marked an all-time high.
The Fibonacci retracement levels plotted showed that the price fell just below the 0.618 retracement level, to the $0.098 support, before beginning a recovery.
During this recovery over the past week, the buying pressure has been high. The daily trading volumes saw sizeable upticks, especially from the 4th to the 6th of August.
This led to a dramatic rise in the OBV, reflecting the strong demand for the token.
The RSI also showcased firm bullish momentum, briefly poking its head above 70 before dipping over the past 24 hours. Most importantly, the former ATH was being retested as support at press time.
The 61.8% and 100% Fibonacci extension levels were the next probable price targets for MAMO, at $0.269 and $0.32, respectively.
The 1-hour chart showed that the 50-period Moving Average had been tested as support.
It has offered a bullish reaction in recent hours, even though the OBV made a lower low. The RSI, which fell below neutral 50, has resurfaced once again.
Overall, the 1-hour and 1-day charts reflect strong bullish sentiment behind MAMO. More gains were likely for the $190 million market cap asset.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
