Monaco coin has been range trading for an extended period of time and has established a very strong support at $5 area. Price has bounced off that support for at least three times now, with the most recent bounce occurred on the 6th of February.
After rejecting the support price went up and broke the descending channel as well as the 2/1 Gann FAn trendline. The correction down followed, where the upper trendline of the descending channel was rejected. And today MCO/USD went down again, but this time back to the 2/1 Gann Fan. This could be an interesting entry point for buyers, from the technical perspective, not to mention that on 1h chart price is right at the 200 Moving Average.
While Monaco continues to trade above $5 support, the price should be going upwards towards the resistance at $25, that is over 3 times growth from the current price, that is $7.5.
After rejecting the support price went up and broke the descending channel as well as the 2/1 Gann FAn trendline. The correction down followed, where the upper trendline of the descending channel was rejected. And today MCO/USD went down again, but this time back to the 2/1 Gann Fan. This could be an interesting entry point for buyers, from the technical perspective, not to mention that on 1h chart price is right at the 200 Moving Average.
While Monaco continues to trade above $5 support, the price should be going upwards towards the resistance at $25, that is over 3 times growth from the current price, that is $7.5.
Comment:
Monaco right at the support... again
Trade closed: target reached