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The Mubarak price surged over 24% in the last 24 hours to trade at $0.1512 as of 9:42 p.m. EST as investors rush to buy the crypto crypto.
With the recent surge, MUBARAK has emerged as the number 1 trending crypto on CoinMarketCap.
Mubarak Price Breaks Out Above A Consolidation Range
4-hour chart for MUBARAK/USD (Source: GeckoTerminal)
The Mubarak price was able to break out of a consolidation zone between $0.1097 and $0.1384 in the last 24 hours, data from GeckoTerminal shows. Now, the meme coin is attempting to overcome the major resistance level at $0.1718. Should the crypto close a 4-hour candle above this second technical barrier, it could have the foundation needed to keep rising.
However, a rejection from the $0.1718 resistance in the coming 12 hours could mark the end of the meme coin’s bullish move. In this alternative scenario, traders might start to realize their profits from the Mubarak price surge.
With enough bearish pressure, the Mubarak price could end up falling back within the aforementioned parallel channel. In an extremely bearish case, MUBARAK might even drop to as low as the $0.0811 support.
Bulls Starting To Lose Their Grip On The Mubarak Price
Bears seem to be taking control of the Mubarak price, as suggested by indicators on the 4-hour chart. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing negative warning signs.
In the last couple of hours, the MACD line has started to fall towards the MACD Signal line. While the current orientation of the two technical indicators with the prior above the latter is bullish, the narrowing gap between them warns MUBARAK’s positive cycle might be nearing its end.
The MACD crossing below the MACD Signal line could confirm the start of a new corrective phase.
Meanwhile, RSI readings have also started to drop in the last couple of hours. Traders usually interpret declining RSI values as an indication of diminishing buyer strength. The current reading above the neutral 50 mark suggests buyers still have an upper hand. However, the negative slope of the RSI line warns that there might soon be a bearish shift in power.
As MUBARAK tries to keep surging, investors continue to flock to the presale for a new meme coin rival called Meme Index (MEMEX) for gains.
That’s as 99Bitcoins, a prominent crypto YouTube channel that boasts over 725K subscribers, says MEMEX has the potential to be the next 100X crypto.
An Innovative Way For Investors To Gain Meme Coin Exposure
The meme coin market has become oversaturated in the past few months, with an influx of new tokens launched during this period. This is largely due to the surging hype around these lighthearted tokens.
With so many meme coins to pick from, finding the next crypto gem that will deliver life-changing gains has become difficult. Additionally, the heightened investor interest around meme coins has attracted scammers. This has led to a number of meme coin rug-pulls.
With the current meme coin landscape, investors need a new and safer way to gain meme coin exposure. This is where Meme Index, with its meme coin baskets, comes in.
The project introduces four diversified investment baskets: the Meme Titan Index, the Meme Moonshot Index, the Meme Midcap Index, and the Meme Frenzy Index.
Each of the baskets cater to varying risk appetites. The relatively safer option is the Meme Titan Index, while the highest-risk Meme Frenzy, which focuses on new and emerging tokens, gives investors a shot at massive gains if they’re willing to take on the risk.
By simply holding MEMEX, investors unlock the diversified meme coin exposure offered by Meme Index’s baskets. What’s more, MEMEX holders also get to vote on which tokens get added to each of the project’s indexes.
Meme Index Offers Investors Last Chance To Buy
Meme Index has raised over $4.1 million through its ongoing presale so far, signaling strong market demand for what the project has to offer. With just over 7 days left until its ICO comes to an end, time is running out for investors to get in on the ground level of the project.
Interested investors can purchase MEMEX via the buy widget on its website using either ETH, USDT, BNB or bank card for $0.0166883 apiece. Once bought, the MEMEX tokens can also be staked for a 550% APY.
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