The price of the Monkey Pox (POX) token surged over 21% in the last 24 hours to trade at $0.05585 as of 5:06 a.m. EST.
Overview of Current Trends
Investors thinking of buying into POX at this point might want to exercise caution. The project was recently flagged for potential market manipulation due to a large number of tokens being held in unidentified wallets. According to RugCheck, the top 10 holders of the token have high ownership, with the biggest holder owning over 65% of the supply.
Technical Analysis
The Monkey Pox price has formed an ascending triangle on the 4-hour chart over the past 48 hours, suggesting that the price could continue to rise. If validated, POX could flip the resistance level at $0.06086 into support, potentially rising to as high as $0.07890. Conversely, if the price falls below the support level at $0.03954, it could drop to $0.01986. Technical indicators like MACD and RSI suggest continued price increase. The MACD line recently crossed above the MACD Signal line, indicating a positive trend, while the RSI value above 50 suggests buyer advantage.
Conclusion
Despite the positive technical indicators, investors should be aware of the risks associated with the high concentration of tokens among major holders.
In conclusion, while the Monkey Pox token shows strong growth, investors are advised to exercise caution and consider potential risks.
Comments