Mamo Crypto Skyrockets 59%, Is a $0.32 Surge Ahead?

Mamo crypto (MAMO) has experienced significant growth, recently climbing 8.7% in 24 hours and a striking 59.9% in just one week. Despite broader market declines affecting Bitcoin and altcoins, MAMO's bullish trend seems persistent, suggesting that higher price levels could be achievable.

Key Takeaways

Mamo (MAMO) surged 8.7% in 24 hours and 59.9% over the week.
Bitcoin and the altcoin market have recently faced declines.
The current market indicators suggest MAMO may continue its upward trajectory.
The price could target $0.269 and $0.32 based on Fibonacci levels.
Bullish sentiment is strong, with significant buying pressure noted.

Mamo Crypto Reclaims Former High, Charts Signal Continued Bullish Pressure

A Bullish Performance Amidst Market Challenges

Over the past week, while Bitcoin (BTC) dropped by 2.96% and the altcoin market cap decreased by 2.26%, Mamo crypto charted a different course. Currently, the altcoin season index stands at 37, indicating it's not yet the season for substantial altcoin gains; traders should manage their expectations accordingly.

Despite this, MAMO has shown a measured yet consistent uptrend. The cryptocurrency reached a swing high of $0.1865 on July 16, marking its all-time high (ATH). Recent analysis revealed a drop near the 0.618 Fibonacci retracement level, touching a support price of $0.098 before beginning its recovery.

MAMO Price Movement

Strong Recovery Signals

In the last week, MAMO's recovery has been driven by increasing buying pressure. Notably, daily trading volumes witnessed substantial increases between August 4 and August 6, resulting in a stark rise in the On-Balance Volume (OBV), which signifies strong demand.

The Relative Strength Index (RSI) indicated robust bullish momentum, briefly exceeding the score of 70 before retracting slightly in the last 24 hours. Importantly, the previous ATH level is being tested as a support level at present.

The next potential price targets for MAMO are identified at the 61.8% and 100% Fibonacci extension levels, which are $0.269 and $0.32, respectively.

Chart Analysis and Market Sentiment

An analysis of the 1-hour chart reveals that the 50-period Moving Average has been utilized as a support level. This has prompted a bullish response, even though the OBV produced a lower low. Nevertheless, the RSI has climbed back to above the neutral point of 50, indicating a resurgence in bullish momentum.

In summary, both the 1-hour and 1-day charts suggest a strong bullish outlook for MAMO. Continued gains appear possible for this asset, which boasts a market cap of $190 million.

Disclaimer: This information is not financial, investment, or trading advice, and reflects only the writer's opinion.