Moeda Loyalty Points 400% rally could have come to an end
Updated
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.
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
Note
CryptalDashjust now
Moeda is likely to go much higher at this stage, towards one of the next fib resistance levels
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