MUBARAK Drops Over 35%, Is a Further Pullback to $0.093 in Sight?

• 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. 

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.

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