Mobox Price Surges 35% as it Breaks Out of Descending Channel
The price of Mobox (MBOX) experienced a significant surge of 35% today, breaking free from a descending parallel channel. The breakout led to an intra-day high of $0.3072 before retracing to $0.2699 at 10am EST.
However, analysts remain cautious about the breakout, considering the subsequent pullback. A trader on Crypto X expressed uncertainty, questioning whether the surge was a sign of market players entering or indicating a larger movement.
Furthermore, experts are skeptical about the future price of Mobox due to a bearish divergence between the price and the Relative Strength Index (RSI) on the four-hour timeframe.
Mobox Price Outlook and Key Barrier
The Mobox price is currently facing the upper boundary of the descending parallel channel at $0.2754. This retest follows a failed breakout where MBOX was rejected at the psychological level of $0.3000. However, there are signs favoring the bulls, such as the Relative Strength Index (RSI) being above 50 and the Awesome Oscillator (AO) showing green histogram bars.
If bullish momentum strengthens, Mobox’s price could break through the upper boundary resistance and surpass $0.3000. In an extremely bullish scenario, the recovery rally might extend towards the $0.3671 resistance level, resulting in a 35% increase from current levels.
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