Moeda Loyalty Points 400% rally could have come to an end

BINANCE:MDABTC   Moeda Loyalty Points / Bitcoin
By looking the recent sharp rise in price, the question arises; what is MDA and what has been driving the price up to the current price?

Moeda ( MDA ) is platform for local businesses seed funding. All projects are being selected by Moeda and must meet the UN sustainable development goals.

Back in August, MDA/BTC bottomed out at 5367 satoshis, after which price started to move up, breaking the downtrend trendline . At that time, Moeda released the first seed project, which could have been the fuel for the token growth. Up until mid September, price has been rising sharply and has reached 14,000 satoshis high. Then price corrected down, nearly to the previous low, however yet another rally has started on the 7th of October.

The second rally has been much stronger, resulting in the exponential increase in price. In just 6 days, MDA/BTC gained over 300%, totaling a 400% growth since August.

Today MDA tested a 26,685 satoshis high where it bounced off the 261.8%. As the resistance is holding, Moeda is likely to take some rest and correct down. The nearest support is a 161.8% Fibs at 19k satoshis and price is expected to consolidate between the support and resistance .

However, clean daily break and close above the resistance could push price further to the north towards 34.5k sats resistance or even higher. But, considering the fact that RSI is already in overbought condition, it is reasonable to expect the correction.

Fibonacci Time Zone show, that the next cycle is starting around 17th of October that could be the decision making time; either to buy more MDA or liquidate the token.
Trade closed: target reached
Comment: CryptalDash
just now
Moeda is likely to go much higher at this stage, towards one of the next fib resistance levels
Moeda is likely to go much higher at this stage, towards one of the next fib resistance levels
Awesome I’m glad to have found your TA. Not many people post to you about MDA. Did you get in from the start? Did you make the 400% profits? I got in around the 9th and I Would buy it and sell it. Seeing it back to seeing it now I wish I would’ve just held onto it until today but I was scared as it would go down a few points. I’ve learned a lot from this coin. I’m glad to have tweeted this point. I’m glad to have found you. Let’s keep in touch. I’m going to keep trading it with lots of carefulness. And my eye out on this coin as I have made me more profit than all the other coins that I’ve been trading. KIt CryptoSandro on Twitter. CryptoSandro1 on Telegram. Best wishes!
CryptalDash CryptoSandro
@CryptoSandro, thank you for your feedback, we are here to provide the best tech analysis!
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