Dogecoin (CRYPTO: DOGE) has been wildly popular lately but some traders just prefer cats.
MonaCoin (CRYPTO: MONA), a cat-meme cryptocurrency established on Jan. 1, 2014, claims to be the national cryptocurrency payment system of Japan. Both a cryptocurrency and p2p payment system, MonaCoin is formed through a Litecoin (CRYPTO: LTC) network fork.
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Like Bitcoin (CRYPTO: BTC), the developers of MonaCoin have never disclosed any information about themselves, other than that they are Japanese, and are collectively known as Mr. Watanabe.
The cryptocurrency can be purchased through Binance, Bittrex, Livecoin and Crypto-Bridge exchanges and, after an almost two-year lull, the cat-themed coin is back in action.
See Also: Dogecoin Just Jumped A Fence And Has Room To Run
The MonaCoin Chart: On April 17, MonaCoin made a new 22-month high of $4.23 before selling off in a steep 10-day downtrend where the cryptocurrency lost 56% of its value. Bulls bought the dip, however, and on April 27 MonaCoin broke up from the sloping trendline and made a 26% move north.
On Tuesday, MonaCoin tested and wicked off support near the $2.40 level and daily declining bear volume indicates sellers of the coin may be running out.
MonaCoin lost support of the eight-day and 21-day exponential moving averages, which is bearish, but the eight-day EMA is trending above the 21-day EMA, which is bullish. The recent volatility in Monacoin indicates the cryptocurrency could recover before forcing the eight-day EMA to cross below the 21-day EMA.
MonaCoin is trading 27% above the 200-day simple moving average (SMA), which indicates its overall sentiment is bullish.
Bulls want MonaCoin to continue holding support at $2.43 and for decreasing bearish volume to be followed with increasing bullish volume to push the cryptocurrency back up towards the $3 level. If MonaCoin can clear the $3 level, it could work its way back towards $3.70 before finding another resistance level.
Bears want to see MonaCoin lose support at $2.43, which could see the coin drop towards $2.26. If MonaCoin was unable to hold $2.26 as support, it could revisit the $1.98 mark.