After an 18% Spike, Will This Rally Rewrite the MUBARAK Charts?

• MUBARAK is trading around $0.061 after an 18% jump.
• Its daily trading volume has surged by over 49%.

Brief bullish momentum in the crypto market is flashing both green and red charts across the assets. A steady push from the bulls could send the prices to their recent highs. Meanwhile, MUBARAK has recorded a solid jump of over 18.02% in the last 24 hours.

The asset kicked off the day trading at its bottom range of $0.05105. Eventually, the sturdy bullish encounter has triggered Mubarak to break through a series of crucial resistances between $0.05246 and $0.06285. The asset then mounted to a peak of $0.06314

As per CMC data, at the time of writing, MUBARAK traded around the $0.06109 range, with its market cap reaching $61.05 million. Also, the asset’s daily trading volume has increased by 49.40%, staying at $144 million. Notably, the market has observed a $1.35 million worth of MUBARAK liquidated within the interval, according to Coinglass

Mubarak has posted a gain of over 109% in the last thirty days. The asset’s monthly low was observed at $0.025, and with the bulls taking control, the price has reached the $0.067 level.

Will Mubarak’s Momentum Power the Next Leg Up?

MUBARAK’s bullish shift has the potential to reclaim the lost dominance and push the price to climb toward a resistance range of $0.06106. Upon clearing this zone, the mighty bulls could invite the golden cross and initiate a rally toward the $0.063 level

In case of an appearance of bearish pressure, MUBARAK could pull the price back to its established low at around the $0.059 support. Further downside correction of the asset might trigger the death cross, and the price may retrace toward the $0.05720 mark.

*MUBARAK chart (Source: TradingView)*The asset’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating a bullish crossover, with growing upward momentum and a potential continuation of the uptrend. Moreover, the Chaikin Money Flow (CMF) indicator found at 0.20 suggests that the money is flowing into the asset, reinforcing a bullish sentiment with strong buying pressure within the market.

The Bull-Bear Power (BBP) reading of the asset at around 0.0080 implies a slight bullish edge with weak momentum in the market. Besides, the daily relative strength index (RSI) of MUBARAK at 68.28 signals a strong bullish momentum, approaching the overbought zone, where a potential pause or pullback may happen.

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