MNWUSDT at monthly support, likely to bounce soon

27 июл.

The price has been trending down since it was rejected from monthly resistanced MR2. Now it is approaching monthly support MS1. This is the zone where the price had last reversed and rallied strongly. I believe as the price approaches this zone, it is likely that the price will again bounce from there and start reverse journey to the upside. The price may still dip a bit further into this zone, but the probability that the price will hold here is very high. The bounce will face some struggle at monthly resistance MR1, however, after some struggle, there it may head for the next monthly resistance MR2 and probably beyond. However, we shall look at the chart again in case nit reaches MR1 to figure out where the price is heading to. Therefore, let is focus first MR1 as the target in case we see the expected bounce from MS1.