Deep Dive
1. Technical Breakdown (Bearish Impact)
Overview: MBP trades at $0.08, below its 7-day SMA ($0.085) and 30-day SMA ($0.089). The RSI-7 sits at 32.9 – near oversold territory – while MACD shows bearish momentum (histogram at -0.000814).
What this means: Sustained trading below moving averages suggests weakening support. While oversold RSI could signal a bounce, the MACD divergence implies sellers remain in control. Immediate resistance lies at the 7-day SMA ($0.085), a break above which could ease pressure.
What to look out for: Whether buying volume materializes near the 200-day SMA ($0.073), which has historically acted as support.
2. Hype Fade (Bearish Impact)
Overview: MBP’s 4 August blockchain upgrade announcement initially drove a 23% monthly gain, but the 24h drop suggests fading momentum as traders “sell the news.”
What this means: The absence of follow-up developments since August has left the project without fresh catalysts. With 28 days passing since the upgrade reveal, speculative interest appears exhausted until concrete progress is demonstrated.
3. Market Drag (Mixed Impact)
Overview: While the Altcoin Season Index (51/100) shows mild risk appetite, Bitcoin’s 57.42% dominance and $144B ETF AUM continue to siphon capital from smaller caps like MBP.
What this means: MBP’s low liquidity (turnover 1.29) amplifies sell-side pressure during market-wide dips. However, its 19.6% 60-day gain still outpaces Bitcoin’s 7.2% rise in the same period, suggesting selective altcoin demand persists.
Conclusion
MBP’s drop reflects technical deterioration and delayed profit-taking after its August rally, compounded by a risk-off tilt toward Bitcoin. While oversold conditions might attract dip buyers, weak liquidity increases volatility risk.
Key watch: Can MBP hold above its 200-day SMA ($0.073) to prevent a full retracement of its 60-day gains?