The Binance listing is one of the bullish events in the crypto market, but that’s not what happened with the Mubarak meme coin price. As a newly launched token, it is often in the limelight, especially as the former Binance CEO Changpeng Zhao showed support for this meme-themed cryptocurrency. As a result, its price saw many uptrends, but today, it is different as it is down by 40%. Why? Let’s discuss this.
Mubarak Meme Coin Price Crashes With Binance Listing
Binance recently listed four cryptocurrencies, including Mubarak. Although it was expected, the Mubarak meme coin price crash came unexpectedly. Experts believe this happened as the sellers were prepared to benefit from the potential rally.
Although the token did witness a rally at first, hitting $0.011, it soon crashed amid seller’s activity. At present, it trades at $0.08652 after bearing a 40% loss today and 60% away from the ATH of $0.2158, set ten days ago.
Interestingly, when this token plummeted, the three other listed tokens, i.e., BROCCOLI, TUT, and BANANAS31, had significant uptrends, disappointing investors.
Crypto Whales to Blame For Mubarak Crash
Talking of the Mubarak coin price crash, the 205% surge in the trading volume reveals that the investors’ activity is high. A significant portion of this is from the crypto whales, which are on a selling spree and fueling this crash.
Lookonchain X’s post revealed one such whale who had deposited 6.14M Mubarak earlier in the day. Interestingly, the whale itself made nearly $760k in profits, but the activity resulted in increasing the selling pressure on the token.
Another whale has deposited 10.28M Mubarak on Binance and sold it at a loss. Experts claim such sell-offs are made voluntarily to bring the token down before fueling a price reversal.
Experts Predict Mubarak Meme Coin Price to Surge 5x
According to crypto experts, Changpeng Zhao’s connection to Mubarak will bring price rallies. One such claim is that even though the initial outcome of the Binance listing turned into correction, it is up for a 5x surge due to historical trends and upcoming Eid Mubarak celebrations.
Another pointed out a potential breakout from the symmetrical triangle pattern. He claimed that the bull’s presence would push its price above key resistances before predicting a Mubarak meme coin price rally to $0.17.
However, the ongoing bearish trend is hard to ignore, where the key resistance is at $0.14 and $0.16. More importantly, the RSI, MACD, and key moving average indicate a bearish momentum.
Investors must keep an eye on the performance, as its key support is $0.086. A bounce from this could bring an uptrend. In contrast, a drop can push it toward $0.08.
Frequently Asked Questions (FAQs)
The Mubarak meme coin is currently trading at $0.08652 with a market capitalization of $84.31M and a trading volume of $342M.
Under the bearish trend, the Mubarak coin price may continue declining, but a surge in investors’ bullish sentiments may bring recovery.
Although uncertain, rumors and unconfirmed proof exist that claims CZ is behind the Mubarak meme coin.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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