Monacoin (MONA) is currently ranked 52nd on CMC with a Market Cap of $252m.
- MONA is Japan’s first Cryptocurrency and was created back in December 2013.
- The coin “Design” is based upon a Japanese cartoon character.
- It appears to be a community based coin and its purpose is to simply act as an alternative to FIAT currencies (think of it as a Japanese Bitcoin).
- MONA hit its all time high (ATH) back on December 6th 2017 at a price of 0.001750000 Satoshi’s.
- It has since retraced 73% over 103 days and now sits at 0.00046333 Satoshi’s.
- The Primary Trend remains Bullish since the start of 2017.
- The Intermediate Trend is also bearish and in line with the wider market.
- Price currently sits near an historic Major Resistance / Support at 0.00047000 Satoshi’s.
It will prove difficult to break through this Resistance based on previous price activity.
- A break below the current price could see the next layer of Support at 0.00038000 Satoshi’s.
- A break above the current price could see the next layer of Resistance at 0.00058000 Satoshi’s.
- Price appears to gravitate toward the 23.60% Fibonacci having made contact with it at least 10x in the past 5 months.
- Trading Volume has taken a nose dive since October 2017. This is largely aligned to the wider AltCoin market. It could signal a disinterest in MONA and/or simply a lack of new investors.
The RSI has bounced and is nearing 50.
- A move above 50 cold signal further positive price momentum.
- Price strength has been below 50 for most of 2018.
- The current price is below all Three Major Moving Averages (MA’s) – a Bearish/Oversold indicator.
The 50 day MA has moved below the 100 day. A bearish indicator.
- Price appears to be closing in on the 200 day MA and could move above giving further evidence that positive price momentum could be in store.
- The MACD has crossed above the Signal which indicates a possible positive price reversal.
Commentary and Thoughts;
I’ll be honest; I had no idea what Mona Coin was until doing some research. Not only did I know nothing about the coin, until today I had never even seen it on CMC.
Now knowing more about the coin, I like it. It’s underlying tech appears to be very basic when compared with other coins that sometimes choose to overcomplicate things.
Mona claims to be Japans first Cryptocurrency. Its growth and development have been aligned to its supporting communities population. Continuing growth appears to be derived from more and more Japanese Millennials choosing to use Mona when and where they can.
It is very evident that the currency is used primarily for only very basic goods and services and leans more to the fun side of things.
The developers/community do not appear to have any grand plans or aspirations to overthrow the Japanese Banking system any time soon. It is simply a “Community Coin” that is largely used to pay fellow community members for goods and services.
It is a very purist coin and in turn purist community.
I wouldn’t perceive Mona as one of the best investments in the space (despite its 40% increase today!) but I hold a lot of respect for what it’s trying to achieve with a very simple and straight forward approach.
In many ways Mona is the embodiment of what Cryptocurrency is all about and should be about. A community centric, not for profit currency model.