• MUBARAK tumbled 35%, hovering around $0.098.  
  • Its daily trading volume has surged by more than 191%.

The crypto market is flashing red as bearish pressure intensifies, pushing major assets like BTC and ETH back to previous lows. Adding to the downturn, MUBARAK has taken a significant hit, shedding over 35.29%.

The asset opened the day trading close to $0.1407 and Mubarak broke through the crucial resistance zones, climbing to a peak of $0.158. After the bears tighten their grip, the asset has bottomed toward the $0.09159 level.

At the time of writing, the asset traded at around $0.09819, with its market cap at $98.17 million. Besides, the asset’s daily trading volume reached $300 million. The market recorded $4.31 million in MUBARAK liquidations during the interval.

Mubarak has lost over 24.75% in the last seven days. The asset began trading the week at around $0.1273. Later, the weekly high was observed at around $0.1647 range.

Will Mubarak Push Prices Even Lower?

MUBARAK’s awakened bears might reclaim the dominance and pull back the price toward $0.09512. Upon the formation of a death cross, the subsequent resistance zone of the asset could be in the $0.093 range.

On the upside, assuming the bullish pressure to take control, the asset could likely climb to $0.09778. Further upside correction of MUBARAK might trigger the bulls to mount toward a peak of $0.09960 mark.

The Moving Average Convergence Divergence (MACD) line and signal line are both below the zero line. It indicates a bearish crossover and a weak market trend, hinting at a more downside. 

MUBARAK Drops Over 35%, Is a Further Pullback to $0.093 in Sight? image 0 MUBARAK chart (Source: TradingView )

Moreover, the Chaikin Money Flow (CMF) indicator stationed at -0.12 suggests that more money is flowing out of the asset than in. Meanwhile, the daily trading volume of MUBARAK has increased by over 191%. 

The asset’s Bull-Bear Power (BBP) reading of -0.05737 signals that bears have a slight advantage over bulls. MUBARAK’s daily relative strength index (RSI) at 30.71 infers that the asset is approaching the oversold 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.

Highlighted Crypto News

Binance Announces “Vote to List” Results – MUBARAK, BROCCOLI, TUT, and BANANA