Meme Index (MEMEX) Price Plummets Over 29% As Market Dumps MUBARAK Holdings

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 price of Mubarak (MUBARAK) dropped sharply by over 29% in the last 24 hours to trade at $0.09997 by 9:41 p.m. EST. The steep retracement in the meme coin’s rate came as traders continued to dump their holdings in the crypto on the market.

As a result of the strong selling pressure, Mubarak had dropped below the key support level of $0.1076 in the last few hours and was now testing the subsequent support at $0.0836, data from showed.

Should the meme coin fall through this second technical safety net, it could stand the risk of plunging all the way down to $0.0523 in the short term.

However, traders identifying MUBARAK’s current price as a buying 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 4-hour chart (Credit: Geckoterminal)

Risinger's analysis: "BRET LEE 0.688 at 4-hour relative to the price action in the context of the broader market. I suspect a move back into the 0.5 Fib would be a good entry for a portion of a trade if it holds, placing SL at the lows of the move and TP at the 38.2 Fib. Would also look for a move through 0.7 Fib to open a portion of a trade in the opposite direction with SL above the highs of the move and TP at the 0.3 Fib."

On the other hand, if the sellers remain in control and push the price lower, Risinger sees potential for a drop to the 0.5 Fibonacci level, which is around $0.0523.

"If sellers remain in control and we close lower, I suspect a move through the 0.5 Fib would open up a portion of a trade in the opposite direction with SL above the highs of the move and TP at the 0.3 Fib," he added.

The Relative Strength Index (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 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.

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