MDA increased by 125% in 5 days against Bitcoin: Is Moeda Loyalty Points (MDA) bullish in the near future?

MDA increased by 125% in 5 days against Bitcoin: Is Moeda Loyalty Points (MDA) bullish in the near future?

By ModernEuler | Moderncrypto | 14 Sep 2019


We are in a position that there was only one direction in alts: down until this week. This week we have seen some sign of bulls coming into play in some alts. One of them is Moeda Loyalty Points (MDA). MDA increased by 125% in 5 days against Bitcoin.

 

MDA token is used as the universal currency on the platform, Moeda and it is based on based on Ethereum blockchain. 

 

According to coinpaprika.com 24h volume of [MDA] is $1 470 916, while the MDA market cap is $12 342 835 which ranks it as #266 of all cryptocurrencies. It's circulating supply is 19 628 888 (100% of maximum supply).

 

Now, MDA is trading at 0.00006030 BTC and $0.623337 at Binance.com

 

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Some Background: What is Moeda?

According to the website, Moeda was launched in 2017 at a United Nations “hackathon” in order to address the 17 UN Sustainable Development Goals. It is a cooperative crypto credit banking platform which aims to provide small-scale entrepreneurs access credit through the traditional banking system with a focus on social development and sustainable growth.

 

Entrepreneurs with impact projects submit their proposals to our Moeda Seed Program. Once selected, they receive funding and mentoring on business development and marketing.

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Contributors seeking impact projects can contribute using the security and transparency of blockchain to offer contributions, keep track of the project’s progress and accountability while, at the same time, promoting sustainable development

 

The project use 3 different blockchain technologies(ERC 20, Stellar, and Hyperledger) to create trustworthy, immutable records and contracts with respect to social impact loans, and create a scalable blockchain platform for borrowers and lenders to efficiently engage in social impact investment activities including related processing and payment requirements.

 

 

Partnerships:

Moeda has developed strategic partnerships to build its ecosystem which facilitates a more sustainable world. One of the partners are IBM.

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TECHNICAL ANALYSIS ASPECTS:

 

Below you see weekly chart. MDA has been decreasing for the last 5 months. But it seems that BDA broke the down trend in BTC pairs by demonstrating a good bounce back from 0.00003160 level. It increased to 0.00010916 levels in 4 weeks.

 

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As you can see MDA has lots of support at the current levels. 

Analyzing the weekly indicators above, we can see in MACD that the crossover of the trigger and the MACD indicator is about to occur and the histograms' bars decreased in negative region — so watch out for a signal change.

RSI broke the down trend and it seems that RSI is moving sideways while the stochastics has gone above the critical zone of 20.

So based on weekly charts, technical indicators tell us that a trend change is on the horizon and we may see the further positive scenario in the near future. 

 

Daily Analysis

On the daily chart, MACD has been moving downwards and the histograms' bars are positive but small and decreased in the positive region, indicating that bulls are loosing some strength. 

RSI is at 48.74 level. It has lost some strength after the pump. The stochastics is declining rapidly towards the critical zone of 20. It need to bounce back to 20 zone to produce a buy signal.

 

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On the 4-hour chart

On the 4-hour chart,we can see in MACD that the crossover of the trigger and the MACD indicator is about to occur and the histograms' bars decreased in negative region — so watch out for a signal change.

RSI is consolidating.at 42 level. It has lost some strength after the pump. The stochastics on the other hand declined rapidly and reached the bottom and try to bounce back to 20 region. It need to bounce back to 20 zone to produce a buy signal.

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To Sum Up

MDA seems to be bottomed around 0.00006000 BTC region recently.  But indicators have not given us a clear signal of a trend change. We may expect a high volatility ahead and set a trade using stop loss (always). 

 

So, it will be interesting to see what MDA's next move will be. What do you think?

 

Thanks for reading. I hope you’ve found it helpful.

 

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ModernEuler
ModernEuler

A crypto and blockchain enthusiast and blogger. Writing about Crypto and trading since 2017. I cover the topics including crypto news, trading suggestions, chart analysis, etc. Follow me on Twitter @cryprostream


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