Time to update the situation on the Monaco. For the last time, we wrote about this coin on the 27th of July and we were bullish:
“Now, we do have a strong reversal and the MCO is testing the resistance on the round level – 6 USD. Breakout of the black line, will be a vert strong buy signal with the potential target, first on the green down trendline and then, on the 11 USD mentioned buy us above. „
Going long on cryptos was not the best choice recently but this one worked out pretty well. MCO broke the 6 USD and went to the down trendline breaking that one too. After this, the price created the channel up formation (pink lines) and went higher, touching levels above the 10 USD. That means that since our last analysis, the value of the MCO almost doubled.
What is our view now?
MCO is fresh after testing the 6 USD as a working support. In addition to that, today, we are 13 % higher. All that together is positive and this should not be the end of the optimism. We see a further bullish potential and the price aiming the resistance on the 11 USD.