Moonpig Faces Meaningful Correction, Awaits Critical Price Action
Moonpig has experienced a sharp 33.91% correction, bringing it to a pivotal point near its local range low. This significant drop has traders on high alert, as the next move could signal a major shift.
Volatility is expected to rise as the asset’s trading range spans 166%.The current price action is crucial for determining the next direction. A swing failure pattern might emerge, where the price dips below support before bouncing back. This setup is often a bullish signal for traders.
Key levels to watch include the range low, where a potential bullish reversal.
Traders should monitor the local range low for signs of a liquidity sweep. If the price dips below this level and then rebounds,it could signal a swing failure pattern. This pattern is often a precursor to a bullish move.
Another critical level is the point of control (POC) resistance. Historically, this area has acted as a strong barrier. If the price can break and hold above the POC, it could pave the way for a move toward the range high.
For those looking further ahead, a fibonacci extension target suggests a potential 390% increase if the range high is breached with momentum. However, until a structural shift occurs, the market is likely to remain range-bound.
What’s next for Moonpig? Traders should watch for an SFP confirmation and a reclaim of the POC. These signals could validate upside potential. until then,expect rotational price action within the current range.
