Monacoin has formed a double near $2.8 after which it attempted to break above the downtrend trendline, but no clear breakout followed. Price went back and formed another double bottom at 88.6% Fibonacci retracement.
Clearly there is strong support around $2.8 and this could be a potential reversing point for MONA/USD. But it could be a little premature at this stage to say that trend is reversing as the bearish momentum is still intact.
Bullish scenario: MonaCoin has to break and close above $4.2 resistance in order to move higher, in this case upside target is seen at $7
Consolidation scenario: Price could be trapped between $2.8 support and $3.3 resistance for a little while, break above or below should give some clues on further direction.
Bearish scenario: MONA/USD closes below $2.8 support, this might result in a more decline towards $2 psychological support and perhaps slightly lower – $1.8.
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