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<div class="mashsb-toggle-container"></div></aside><p>Monacoin traded lower on Monday after ending last week on a 50-percent gain.</p>
<p>The <a href="https://www.ccn.com/monacoin-price-terrible-week">MONA-to-dollar exchange rate</a> fell as much as 30-percent to $0.94 from its Sunday peak. As of 1344 UTC, the pair had recovered towards $1.10 with the coin’s market capitalization at $72.3 million. However, based on a 24-hour adjusted timeframe, both the price and valuation was still down by circa 10-percent against the dollar and 10.5-percent against bitcoin.</p>
<div id="attachment_175763" style="width: 810px" class="wp-caption aligncenter">
<a href="https://www.ccn.com/wp-content/uploads/2019/04/chart-1.png" class="ccn-pop" title="This Japanese Cryptocurrency is Getting Dumped after Spiking 70% in a Week"><img aria-describedby="caption-attachment-175763" class="size-full wp-image-175763" data-size="800x550" data-cfsrc="https://www.ccn.com/wp-content/uploads/2019/04/chart-1.png" alt="MONACOIN, MONA, MONA PRICE" width="800" height="550" style="display:none;visibility:hidden;"><noscript><img aria-describedby="caption-attachment-175763" class="size-full wp-image-175763" data-size="800x550" src="https://www.ccn.com/wp-content/uploads/2019/04/chart-1.png" alt="MONACOIN, MONA, MONA PRICE" width="800" height="550"></noscript></a><p id="caption-attachment-175763" class="wp-caption-text">Monacoin undergoes a dump after raising over 50% the previous week.| SOURCE: COINMARKETCAP.COM</p>
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<p>The past 24 hours saw exchanges trading around $15.75 million worth of MONA-enabled pairs. Japan-based Bitbank hosted more than 90-percent of the total MONA trading volume against the Japanese Yen. At the same time, the exchange noted $367K worth of bitcoin-enabled trades in the MONA market. Bitbank is a regulated trading platform, which means that the probability of price manipulation by the exchange was the least in its case.</p>
<h2>Mysterious Buyer</h2>
<p>Monacoin is neither a Tezos featured in a high-profile staking service nor a Tron backed by a persistent marketer. The blockchain asset is merely a digital token which took its cues from a more established project like Litecoin and launched itself as a Japanese-version of Dogecoin in 2013. The project has been there for far too long which should keep the “<a href="https://www.ccn.com/japanese-police-arrests-18-year-old-hacker-for-stealing-134000-in-monacoin">scam accusations</a>” away. But that still does not explain the fundamentals around the mysterious MONA pump.</p>
<p>Twitterati Bobcat Crypto reported a “medium strength buy signal” on Bittrex, a US-based cryptocurrency exchange that raised the buy volume by circa 276-percent. It appears the mysterious buyer(s) exhausted its buying frenzy at a certain level, followed by an exit. That is the only explanation which could explain Monacoin’s intraday performance on Saturday throughout Sunday, followed by a sharp correction Monday.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">Bobcat has detected a potential MEDIUM strength BUY Signal for <a href="https://twitter.com/search?q=%24MONA&src=ctag&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$MONA</a> (Monacoin). Buy Volume Increase of 275.99%. Price Increase of 14.76%. Current Price BTC 0.000162 ($0.8625447) Trade detected on exchange: Bittrex (<a href="https://t.co/bnHwdDfaJh" target="_blank" rel="nofollow">https://t.co/bnHwdDfaJh</a>) <a href="https://twitter.com/hashtag/MONA?src=hash&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#MONA</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bittrex?src=hash&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bittrex</a> <a href="https://twitter.com/hashtag/Monacoin?src=hash&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Monacoin</a></p>
<p>— Bobcat Crypto (@BobcatCrypto) <a href="https://twitter.com/BobcatCrypto/status/1119603844940533760?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">April 20, 2019</a></p>
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<h2>Opportunities</h2>
<p>Entering new long positions in the MONA market looks risky since the potential of an extended downside correction is high. Meanwhile, a Short target towards the intraday support level at $0.94 could yield a decent interim profit. A stop loss order maintained a few points above the entry position would minimize losses in the event of the asset rebounding ahead of testing the Short target.</p>
2019-04-22 06:00:00
