MUBARAK Rallies 27%, Is a New All-Time High Within Reach?

• MUBARAK is holding steady around $0.16 after a 27% climb. 
• Its daily trading volume has soared by over 121%.

Bullish momentum is ringing across the crypto market, lighting up the candles green. A continued push from the bulls could drive prices to new highs. Meanwhile, MUBARAK has joined the rebound, posting a solid 27.63% jump.

The asset traded at around $0.1265 in the early hours. Later, Mubarak broke through the crucial resistance zones at $0.1638 and $0.1651 and climbed to a peak of $0.1659. 

At press time, MUBARAK traded within the $0.1603 range, with its market cap reaching $159 Million. Besides, the asset’s daily trading volume is resting at $256 million. The market saw $2.45 million worth of MUBARAK liquidated within the interval.

The asset has recorded a gain of over 41% in the last seven days. With the emergence of bulls, the asset’s weekly low and high were observed at around $0.09192 and $0.2101, respectively. 

Can Mubarak Keep the Rally Going?

The awakened MUBARAK bulls might have the potential to reclaim the dominance and drive it to climb toward the $0.1657 range. Upon clearing this resistance zone, the asset could rally to $0.17. 

In the event of intensified bearish pressure, the asset could pull back the price to $0.1517. Further downside correction of MUBARAK might trigger it to retrace toward a low of $0.14 mark.

MUBARAK’s Moving Average Convergence Divergence (MACD) line is settled above the zero line, indicating bullish crossover. However, the signal line below the zero line, hinting the weak bullish trend.

The Chaikin Money Flow (CMF) indicator positioned at 0.10 suggests that the capital is flowing into the asset, reflecting potential upside. Meanwhile, the daily trading volume of MUBARAK is up by over 121%. 

Moreover, the Bull-Bear Power (BBP) reading of 0.03178 signals a mild bullish momentum in the market. The asset’s daily relative strength index (RSI) at 68.28, implies that MUBARAK is approaching the overbought zone.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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