MONACO - Rectangle Pattern / Over sold on Fibonacci.

Monaco has recently been slammed by Bitcoin's price increase and with some bad news, they announced they would be closing some contracts with Visa which has left the community fairly outraged. If MCO is able to fix itself the currency has the potential to quickly retreat back to the $8 - $10 mark. It should continue to follow the pattern it has been for the past few months (fluctuating between the support and resistance ), however, if the support lines are broken we could be looking at a longer-term decrease. I do suspect this to be the least likely option since as soon as some good news comes out traders tend to forget about the past and continue with the future which will cause an uptrend on the currency.

  • Orange Line - Resistance levels.
  • Purple Line - Support levels.

As always, trade accordingly.
Closing what contracts with Visa? You mean "closing" as in "Seal the Deal", right? That was extremely good news. Unfortunately, there are a lot of FUDer's in the MCO social channels who chose to take the news that EVERYONE was hoping and praying for and shift focus to the removal of some trivial and inconsequential bullshit that was known as the "Asset Contract".

So, MCO gave all good news, and market sentiment was manipulated by hordes of ignorance and misunderstanding.

Supply of this coin is slow low that volatility is guaranteed to be extreme. I believe that a minimum fair market cap (compared to MCO's peers) would be about 150 Million USD. This would value MCO tokens at 15 USD per coin. And I believe that this is still undervalued.

It is outperforming every one of their competitors in the business and technical sense, but they just can't shake the unfounded sentiment. It's a shame that there is so much ignorance surrounding this coin. I believe that it's inevitable that when cards start rolling out and they get *real* adoption (less than a few weeks) we'll see this sentiment shift and the price will rapidly and unpredictably reach a new ATH. Just gotta wait for the cards at this point.

Time to show the cards.
+1 回复
thomasfar6 VanBenno
@VanBenno, I'm still holding mine, it definitely does have long-term potential. Has some competition with other coins like Tenx but it should be able to fight through. Thank you very much for your comment!
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