Bulls in Control: Can MUBARAK Extend Its 6% Rally?

• MUBARAK is trading at around $0.016 after a 6% gain. 
• Its daily trading volume has skyrocketed by over 210%.

The bearish momentum is enduring, pushing the market cap down to $2.97 trillion. With the Fear and Greed Index value holding at 29, fear sentiment is spreading across the crypto tokens. Meanwhile, MUBARAK has resisted the broader market direction and registered a 6.8% gain within the last 24 hours. 

In the morning hours, the asset traded at around $0.01538, on the low end. As the bulls took over the command, certain crucial resistance zones were tested and broken, reaching a high range of $0.01712. If the bullish pressure goes further high, the MUBARAK price would see additional gains, to new highs. 

As per CoinMarketCap data, at the time of writing, MUBARAK traded within the $0.01649 level, with its market cap reaching $16.47 million. Notably, the asset’s daily trading volume has skyrocketed by over 210.77%, resting at the $20.95 million mark. 

Does MUBARAK Have More Upside?

MUBARAK’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line, pointing out a shift toward bullish momentum. The price could move higher in the short term. Besides, the Chaikin Money Flow (CMF) indicator is at 0.11 hints at a moderate buying pressure in the market. The money is flowing into the asset, supporting a bullish bias, but not extremely strongly.

MUBARAK chart (Source: TradingView)

Moreover, the Bull-Bear Power (BBP) reading of 0.00114 shows a slight bullish dominance. The buyers are marginally stronger than the sellers, but the momentum is weak and not decisive. Mubarak’s daily Relative Strength Index (RSI) found at 64.11 indicates strong bullish sentiment. Also, the asset may approach the overbought territory above 70, and the price could climb higher. 

With the uptrend in the MUBARAK market, the price could likely move up toward the resistance of $0.017. Clearing this range with a steady bullish pressure might initiate a golden cross to take place. Eventually, the bulls would trigger a rally toward the $0.018 mark. 

In the case of a reversal, the bears might pull the price back to the support at around $0.015. Further downside correction of MUBARAK could invite the death cross to unfold, and likely push the asset’s price to retrace toward a low below $0.014 level.

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