- In the past four months, there has been very low trading activity in the currency
- Currently, the token is trading below its 50, 100, and 200 EMA levels (on a daily basis)
- The stock is currently trading at its support level and is expected to consolidate further.
MVLUSDT: Continuation of a low trading activity
The Mass Vehicle Ledger (MVL) ecosystem uses blockchain technology to connect and advance the automotive sector. Users are given MVP (MVL Points) by MVL in exchange for their contributions to the ecosystem. In order to pay for car rentals, gas, car washes, parts, and auto repairs, MVP can then be converted into MVL Coins (MVL).
The current price of the token is 0.002 USDT, a 0% gain on an intraday trade basis. The total 24-hour volume traded stands at 100. The token has been witnessing a very low trading volume and hence making it difficult to predict its price behavior. If we look at the historical data, then it is a highly volatile token and it has mostly stayed bearish, one of the reasons maybe a less trading volume. However, currently, the token is trading around its previous support levels and hence there is a possibility of a slightly upward movement for some time in the price after getting a certain consolidation.
Looking at the Bollinger Bands, the price is staying in a neutral zone between the upper band and the lower band.
Exponential Moving Average (EMA) and Moving Average Convergence and Divergence (MACD)
From the above chart, we can see that the token is currently trading below its 50, 100, and 200 EMA level with 50 EMA being the lowest. This is not a good sign and hence indicates a further decline in the price of the token. However, recently the buyers have tried to push its price above its 50 EMA, but it is getting a rejection on the next levels as there is less trading activity.
If we closely look at the MACD (12 and 26) curve, there has recently been a divergence in the levels after which the price has taken a rejection over its 100 EMA level and has further declined. Currently, the MACD is indicating a possibility of a bearish trend if there is an increase in the trading activity from the seller.
Relative Strength Index (RSI)
The current level of RSI is 44.8 and it is in a neutral zone as the sellers are not active in the market and buyers are also not able to push it further. It indicates a sign of further consolidation hence, the sellers may have the opportunity to exit the market.
Overall, after looking at all the indicators and historical price actions, nothing particular can be recommended as the trading volume is very low. The traders should monitor the market closely as the price has taken a retracement at its support level of 0.0014 USDT, which is a strong support level. If it rejects at that level, it may decline further.
- Resistance level: 0.0029 USDT
- Support level: 0.0022 USDT and 0.0014 USDT
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.