Dogecoin (CRYPTO: DOGE) has been wildly popular lately but some traders just prefer cats.
MonaCoin (CRYPTO: MONA), a cat-meme cryptocurrency established on Jan. 1, 2014, claims to be the national cryptocurrency payment system of Japan. Both a cryptocurrency and p2p payment system, MonaCoin is formed through a Litecoin (CRYPTO: LTC) network fork.
Like Bitcoin (CRYPTO: BTC), the developers of MonaCoin have never disclosed any information about themselves, other than that they are Japanese, and are collectively known as Mr. Watanabe.
See Also: Dogecoin Just Jumped A Fence And Has Room To Run
The MonaCoin Chart: On April 17, MonaCoin made a new 22-month high of $4.23 before selling off in a steep 10-day downtrend where the cryptocurrency lost 56% of its value. Bulls bought the dip, however, and on April 27 MonaCoin broke up from the sloping trendline and made a 26% move north.
On Tuesday, MonaCoin tested and wicked off support near the $2.40 level and daily declining bear volume indicates sellers of the coin may be running out.
MonaCoin lost support of the eight-day and 21-day exponential moving averages, which is bearish, but the eight-day EMA is trending above the 21-day EMA, which is bullish. The recent volatility in Monacoin indicates the cryptocurrency could recover before forcing the eight-day EMA to cross below the 21-day EMA.
MonaCoin is trading 27% above the 200-day simple moving average (SMA), which indicates its overall sentiment is bullish.
Bulls want MonaCoin to continue holding support at $2.43 and for decreasing bearish volume to be followed with increasing bullish volume to push the cryptocurrency back up towards the $3 level. If MonaCoin can clear the $3 level, it could work its way back towards $3.70 before finding another resistance level.
Bears want to see MonaCoin lose support at $2.43, which could see the coin drop towards $2.26. If MonaCoin was unable to hold $2.26 as support, it could revisit the $1.98 mark.