This Japanese Cryptocurrency is Getting Dumped after Spiking 70% in a Week

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Monacoin traded lower on Monday after ending last week on a 50-percent gain.

The MONA-to-dollar exchange rate fell as much as 30-percent to $0.94 from its Sunday peak. As of 1344 UTC, the pair had recovered towards $1.10 with the coin’s market capitalization at $72.3 million. However, based on a 24-hour adjusted timeframe, both the price and valuation was still down by circa 10-percent against the dollar and 10.5-percent against bitcoin.

MONACOIN, MONA, MONA PRICE

Monacoin undergoes a dump after raising over 50% the previous week.|  SOURCE: COINMARKETCAP.COM

The past 24 hours saw exchanges trading around $15.75 million worth of MONA-enabled pairs. Japan-based Bitbank hosted more than 90-percent of the total MONA trading volume against the Japanese Yen. At the same time, the exchange noted $367K worth of bitcoin-enabled trades in the MONA market. Bitbank is a regulated trading platform, which means that the probability of price manipulation by the exchange was the least in its case.

Mysterious Buyer

Monacoin is neither a Tezos featured in a high-profile staking service nor a Tron backed by a persistent marketer. The blockchain asset is merely a digital token which took its cues from a more established project like Litecoin and launched itself as a Japanese-version of Dogecoin in 2013. The project has been there for far too long which should keep the “scam accusations” away. But that still does not explain the fundamentals around the mysterious MONA pump.

Twitterati Bobcat Crypto reported a “medium strength buy signal” on Bittrex, a US-based cryptocurrency exchange that raised the buy volume by circa 276-percent. It appears the mysterious buyer(s) exhausted its buying frenzy at a certain level, followed by an exit. That is the only explanation which could explain Monacoin’s intraday performance on Saturday throughout Sunday, followed by a sharp correction Monday.

Opportunities

Entering new long positions in the MONA market looks risky since the potential of an extended downside correction is high. Meanwhile, a Short target towards the intraday support level at $0.94 could yield a decent interim profit. A stop loss order maintained a few points above the entry position would minimize losses in the event of the asset rebounding ahead of testing the Short target.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,436 0.90 % 1.13 % 2.31 %
Ethereum1,862.9 1.21 % 5.41 % 2.73 %
Tether1.002 0.35 % 0.19 % 0.14 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB314.48 0.52 % 4.33 % 9.10 %
XRP0.3947 0.29 % 2.21 % 2.91 %
Binance USD1.004 0.07 % 0.31 % 0.19 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana45.45 1.50 % 6.21 % 8.66 %
Polkadot9.430 1.07 % 4.90 % 0.87 %

bitcoin
Bitcoin (BTC) $ 29,298.00
ethereum
Ethereum (ETH) $ 1,851.81
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 312.40
xrp
XRP (XRP) $ 0.394428
binance-usd
Binance USD (BUSD) $ 1.01
cardano
Cardano (ADA) $ 0.490177
solana
Solana (SOL) $ 45.09
dogecoin
Dogecoin (DOGE) $ 0.079707