Molecular Future Technical Analysis: MOF/USD up 1600% in six days
- MOF/USD is up 1611% in the last six days from a low of $0.049 to $0.863.
- The cause behind this move is currently unknown.
- The trading volume has increased significantly.
Molecular Future, now ranked 148th by market capitalization has seen meteoric gains in the past week. Previously, MOF/USD had another major bull run to $1.9 in January 2020 but had one of the worst drops even before the fear of COVID-19. MOF trading volume suffered a lot and has been decreasing for a while.
MOF/USD daily chart
It’s unclear what actually produced this insane spike to $0.863 in such a short period of time. Obviously, the daily, weekly, and monthly charts are all uptrends now. There are still a few resistance levels nearby, the next one is at $0.478 followed by $0.54, the high of June 30 and $0.70, the high of March 7. Buyers are confidently trading above the 12-EMA and the 26-EMAs which have crossed bullishly.
MOF/USD 4-hour chart
Interestingly, the spike didn’t just happen over the course of a few hours but rather 40-50 hours. The RSI here has been overextended many times but that hasn’t stopped the bulls from pushing MOF towards $0.86 on Bittrex.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
