The MAD price surged 32% in a week and 9% in the last 24 hours to trade at $0.00001316 as of 02:17 a.m. EST on trading volume that plunged 24% to $2 billion.
MAD Price On A Bearish Trend – A Possible Reversal?
The MAD price action shows a slight downward trend in the longer term, but in the near term, the asset appears to be moving sideways with possible consolidation after a brief spike. The chart shows a possible descending wedge, which can often be a bullish reversal pattern, according to data from GeckoTerminal .
MAD now trades below the 50-day Simple Moving Average (SMA), which indicates that the asset is currently on a short-term downtrend. However, the price of MAD still trades above the 200-day SMA, which suggests that the asset may still soar above.
The current Relative Strength Index (RSI) value is 47.84, which is in the neutral zone (between 30 and 70). This indicates neither overbought or oversold conditions. The RSI is showing a slight uptick, suggesting that the bearish momentum may be weakening, but it’s not a strong buy signal yet.
If the bears continue using the falling channel pattern, the price of MAD could drop even further, with the next possible support at $0.000010.
MADUSD Chart Analysis Source: GeckoTerminal.com
Conversely, a bullish move could follow if the price can break above the descending wedge pattern and the 50-period MA with increased volume. In such a scenario, the price of MAD could soar to the $0.000018 resistance.
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