Mobox (MBOX) Price Is Positioned To Increase Sharply In The Coming Days
The price of Mobox (MBOX) is trading within a long-term bullish pattern and has broken above a short-term horizontal resistance level. It is expected to continue rising in the coming period.
Descending Parallel Channel
The Mobox (MBOX) price has been trading within a descending parallel channel since June 2022. The price has tested both the support and resistance of the channel several times, confirming the validity of the pattern.
Since this is a bullish pattern, the price often tends to rise towards the channel’s resistance after bouncing up from the channel’s support. This can be observed in the two previous instances (green arrows).
In the week from October 16 to 22, 2023, the MBOX price once again bounced up from the channel’s support (yellow arrow). If history repeats itself, the MBOX price could rise towards the channel’s resistance at $0.54.
However, the weekly RSI indicator still does not support the recovery as it remains below its long-term resistance line. Therefore, we will examine a smaller timeframe to determine the trend direction more clearly.
The MBOX price has broken above the long-term descending resistance line formed since February 2023. This indicates that the previous downtrend has ended, and a new uptrend may occur.
Indeed, the MBOX price has broken above the important horizontal resistance zone at $0.25 and confirmed it as support twice in the past few days (green arrows).
Trading volume has also increased significantly as the price maintains above $0.25, indicating strong buying during minor dips and often signaling the beginning of a new uptrend.
The daily RSI also supports this possibility by forming a hidden bullish divergence and being above 50.
Therefore, the daily chart shows a clear upward trend, and the price is likely to soon rise to the nearest resistance zone at $0.33.
The most likely scenario suggests that the MBOX price will rise higher in the near future. The immediate target is $0.33, with further potential to reach $0.54.
This perspective would be invalidated if the price breaks down below the support zone at $0.25.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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