Monad’s MON token has relinquished a significant portion of its recent gains, experiencing a decline of about
Monad saw a drop from its approximately
MON gives back its recent gains
MON began October with good momentum, as it climbed from below
That move has since reversed with MON trading near the
With the sell-off came increasing trading activity, showing that the downside was associated with considerable trading. But as with volume, why particular holders traded can’t be established.
Also, some of the MON price trends reflect traders banking some profit after the recent MON strength. The evidence does not suggest profit taking or that any one thing alone was responsible for the fall in value.
The price chart offers a clearer picture: buying pressure weakened after MON failed to remain above
Can buyers keep MON above $0.028?
The area between the
MON has bounced around this level in the past before exploding higher in late September. Additionally, its short-term price has been hovering close to the
That support would allow buyers a chance to consolidate. MON would then need to regain control of the
A stronger rebound could see the level at
The trend becomes more bearish if MON closes below the $0.028 price level. The next support is around the
Losing this zone will eradicate most of MON’s latest rally, and we could see a shift toward the
For now, MON still stays above its wider price averages despite a sharp correction. That means no complete collapse of recent upward structure yet, but little room for buyers left to absorb more selling.
Final Summary
- By Tuesday, MON had declined about 14% from its Sunday high to trade near the $0.029 price level.
- The nearest support is in the $0.028–$0.029 price areas, followed by the $0.0265–$0.027 price areas.
