The price of Moonpig token dropped by 33%, leading it to a crucial area that could signal a potential trend reversal. Traders are closely monitoring the next price moves.
Critical Zone for Moonpig
Moonpig is at the local range low where a price reversal may occur. This zone could serve as a springboard for a liquidity grab and subsequent reversal known as a swing failure pattern (SFP).
Technical Key Points
Price action remains within a 166% trading range. The point of control, which has historically acted as resistance, can pave the way for upward movement if broken and held. Furthermore, a breakout of the range high may target Fibonacci extension levels over 390% above current levels.
Future Price Action Expectations
The current market structure does not indicate bullish behavior, and prices continue to rotate within the wide range. Traders should anticipate SFP confirmations and reclaiming the point of control to assess upside potential. A break below the current range low could lead to a classic SFP scenario.
The situation with Moonpig remains uncertain, making it crucial for traders to monitor signals of structural changes for a better analysis of future price movements.
