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The Mubarak price plummeted over 29% in the last 24 hours to trade at $0.09997 as of 9:41 p.m. EST as traders dump their holdings in the meme coin on the market.
The steep retracement in the MUBARAK price was enough to push the meme coin’s weekly performance more than 28% into the red zone.
Mubarak Price Falls Below Support
4-hour chart for MUBARAK/USD (Source: GeckoTerminal)
The Mubarak price dropped below the support level at $0.1076 in the last few hours and is now testing the subsequent support at $0.0836, data from GeckoTerminal shows. Should the meme coin fall under this second technical safety net, it could stand the risk of plunging all the way down to $0.0523 in the short term.
On the other hand, traders identifying MUBARAK’s current price as a buy opportunity in the next few hours could invalidate the bearish thesis and lead to a more bullish scenario playing out. This might result in MUBARAK reclaiming the $0.1076 support and potentially rising to as high as $0.1411.
Mubarak Price Drop Might Not Be Over Yet As Technicals Remain Bearish
Looking at MUBARAK’s 4-hour chart, technicals warn the meme coin’s price might drop even more in the next 24 hours. More specifically, traders will want to keep an eye on the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).
RSI readings have undergone a steep pullback from above 50 to the low 30s. This suggests that there has been a big drop in buyer strength.
Although the current reading around 30 signals MUBARAK is oversold and therefore could be seen as a buy opportunity, it is not unusual for the RSI to remain low for sustained periods of time when a crypto is being dumped. The negative slope of the RSI line warns that this may be the case in this instance.
Meanwhile, the MACD line dropped below the MACD Signal line in the last 24 hours. Traders often see this technical event as an indication that a crypto has entered a negative short-term trend. The growing gap between the two MACD lines also suggests the meme coin’s bearish momentum is picking up steam.
As the Mubarak price remains at the mercy of sellers, investors rush to buy new meme coin rival Meme Index (MEMEX) before its presale ends. This is as 99Bitcoins, a prominent crypto channel on YouTube with over 725K subscribers, predicts the new meme coin has the potential to become the next 10X crypto.
A Token Offering Investors Diversified Meme Coin Exposure
The meme coin market has become oversaturated after developers attempted to capitalize on the hype around these lighthearted tokens by introducing a wave of new cryptos.
With so many options to pick from, finding the next meme coin gem that will lead to life-changing gains has become near impossible. Scammers have also re-entered the market and have successfully executed a number of meme coin rug-pulls.
The current situation calls for a meme coin market reset, which is exactly what Meme Index offers. The project introduces curated baskets of meme coins that make investing in these cryptos safer and simpler again, while also allowing investors to buy into multiple meme coins through its native MEMEX token.
The project’s 4 baskets are: the Meme Titan Index, the Meme Moonshot Index, the Meme Midcap Index, and the Meme Frenzy Index. Each basket caters to varying risk appetites.
The relatively safer option is the Meme Titan Index, which focuses on large-cap meme coins. Meanwhile, the highest-risk Meme Frenzy features emerging and highly volatile meme coins for investors seeking high returns while willing to accept high risk.
By simply holding MEMEX tokens, investors unlock diversified meme coin exposure. What’s more, MEMEX holders get to vote in the project’s governance to decide which meme coin should be featured in each of the project’s indexes.
Just 3 Days Left For Investors To Buy MEMEX At Presale Prices
Meme Index has raised over $4.3 million in its presale so far, signaling strong market demand for what the project has to offer. With the ICO ending in just over 3 days, time is running out for investors to get in at this early stage.
Interested investors can buy MEMEX for $0.0166883 apiece via the widget embedded on the project’s website using either ETH, USDT, BNB or bank card.
Once purchased, the MEMEX tokens can also be locked up in the project’s presale staking pool for a massive 539% APY.
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