MAMO Surge Ends: Is This Just a Healthy Correction?
Shortly after it started trading on Coinbase, MAMO plummeted, ending a week-long upswing that saw the token rise by more than 120%. As selling pressure increased, Mamo fell by about 20% after reaching an all-time high of $0.227 on Thursday, August 7, according to data from Crypto.news. Notwithstanding the little decline, the token has increased by more than 2042.09% since its inception in May and is up more than 62.65% on a weekly basis.
The price decline has caused MAMO’s daily trading volume to increase by more than 212.06% in the last day. This suggests that traders were rushing to sell their positions and grab profits following the token’s explosive run-up in the days preceding its Coinbase launch.
Profit-Taking Hits Hard After New Listing
In the extremely volatile cryptocurrency market, initial sell-offs following an exchange listing are typical. In order to secure profits, early holders frequently sell their tokens, particularly following an all-time high. In the near future, nevertheless, this selling pressure might lessen. Bullish investors may start building at lower levels after viewing the price decline as a purchasing opportunity.
Bullish Momentum Builds for MAMO as Coinbase and CoinEx Listings Boost Credibility
MAMO was trading above its intraday low of $0.171 at the time of writing and appeared to be regaining some of its previous losses. The likelihood of a short-term trend reversal now seems to be supported by a number of bullish elements.
In the last week, MAMO has obtained two exchange listings. The token’s trustworthiness among U.S. investors has increased since the Coinbase listing went online, and last week’s CoinEx offering broadened its reach to foreign markets. Particularly in the U.S. market, where compliance and brand recognition are crucial, listings on large exchanges can result in increased retail access, enhanced market depth, and increased investor trust.
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