MXC price has reclaimed a key level around $0.0040 and keeps holding above it, potentially printing a higher low and keeping on track to resume the uptrend.
Moonchain (MXC) has surged 70% in the past 24 hours and is currently trading at $0.0042. The token is rebounding strongly after a sharp pullback to $0.0023, following a parabolic rally that saw its price skyrocket from around $0.0010 to a peak of $0.0061 in just two days — a 500%+ gain. The trading volume is still elevated compared to the pre-breakout levels, indicating sustained interest and the potential for continued volatility.
Looking at the 4-hour hour chart, MXC price recently reclaimed the EMA 20 and keeps holding well above it as the moving average begins to slope upwards — a bullish sign. With the latest explosive move, it has also reclaimed a key level at around $0.0040, having peaked briefly at $ 0.0048. At press time, it continues to hold this $0.0040 level, a former resistance from a previous swing high that has now flipped into support.
Source: TradingVolume
The current structure suggests the formation of a higher low, hinting at a possible continuation of the upward trend if momentum and buying pressure persist.
The immediate resistance to watch is $0.0048 — the intraday peak from earlier today, marking a potential new swing high in the uptrend market structure. A decisive move above this level, would open the door for a push toward the next resistance at $0.0051, a prior rejection zone during the late May rally before the second leg up to the $0.0061 peak.
If $0.0048 marks the latest swing high, the potential higher low might form somewhere around the $0.0040 level. However, there’s still a chance the latest 4-hour candle closes higher, which could mark a higher swing high, potentially around $0.0051.
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