As the Saturday afternoon almost draws to a close, there are still plenty of crypto market changes to take advantage of. The Monacoin price is going on an absolute rampage as of right now, although few people will be able to pinpoint the exact reason for this unexpected uptrend.
MonaCoin Price Pumps Pretty Hard
It is always interesting to take note of the different cryptocurrencies and their price trends throughout the weekend. Although MonaCoin has never made too much of an impact in the Western world, it is a very popular currency in Japan. This altcoin has noted some of the biggest gains in all of cryptocurrency throughout the month of April, yet no one really knows why.
Over the past 24 hours, the MonaCoin price has risen by 40.3% to move back to $0.897155. There is also a strong 39% push in MONA/BTC, as this ratio has shifted back to 16.815 Satoshi. Traders looking to increase their BTC holdings will be more than happy with the way this altcoin performed today, although these gains might not remain in place for too long.
On social media, it seems there is some confusion as to what is going on with MonaCoin right now. Oliver 90210 seems to indicate this pump is primarily the result of major purchases in MONA/JPY taking place throughout the day. Assuming Japan will kick off the next major bull run, this may be a sign of what is yet to come for other markets as well.
$mona pumping hard today thanks to strong purchase vs $JPY in Japan
Remember that Japan has a very positive legal environment for #crypto and that #Monacoin trades vs fiat there, which is uncommon.
Definitely a coin to hold in portfolio ahead of a crypto rally in Japan.
— Oliver 90210 (@oliver_90210) April 20, 2019
When signal groups and Twitter accounts start to take notice of specific markets, it may be time to get out pretty quickly. Bobcat Crypto has “detected” a potential medium strength buy signal for MONA, which seems to confirm this uptrend could be coming to an abrupt halt in the very near future.
Bobcat has detected a potential MEDIUM strength BUY Signal for $MONA (Monacoin). Buy Volume Increase of 275.99%. Price Increase of 14.76%. Current Price BTC 0.000162 ($0.8625447) Trade detected on exchange: Bittrex (https://t.co/bnHwdDfaJh) #MONA #Crypto #Bittrex #Monacoin
— Bobcat Crypto (@BobcatCrypto) April 20, 2019
For those who actually look at the MonaCoin chart, it quickly becomes apparent this momentum makes little to no sense. While it is intriguing to see an alternative market move up in quick succession, it seems someone tried to pump the price a lot higher in the past few hours and failed miserably at sustaining it.
え！#monacoin pic.twitter.com/qJ9JYX8BNp
— Cools America (@goodyear1212121) April 20, 2019
All things considered, the uptrend affecting MONA makes people good money, but its actual momentum seems to lack real conviction. As most of the trading volume comes from Bitbank’s JPY pair, it is also evident the rest of the world shows no real interest in this currency right now. Its value on Livecoin, for example, is still $0.18, which creates a rather big gap.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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