Rapper Iggy Azalea’s MOTHER token price has rebounded in the past two days as investors bought the dip. It was trading at $0.074 on Tuesday morning, a few points above the weekend low of $0.051.
The MOTHER token rebound is part of a broader trend, mirroring the surge of other popular meme coins like Popcat, Mog Coin, and Jeo Boden, which have all seen double-digit growth. This positive movement is not limited to MOTHER, as most other cryptocurrencies, like Lista DAO, Fetch.ai, and SingularityNET (AGIX), have also rebounded.
MOTHER has also soared after Iggy Azalea sent some positive updates about the token. For example, the token was added to Holdium, an index comprised of some of the biggest meme coins in the industry. Some of the other tokens in the network are Bonk, Popcat, Ponke, Michi, and Guacamole.
MOTHER was also listed in Mango, a crypto exchange that offers 5x leverage, and Coins.ph, one of the leading exchanges in the Philippines.
The token rebounds as investors buy the dip since it was down by more than 70% from its highest point on record. In most cases, cryptocurrencies tend to rebound after falling sharply from their highest point.
MOTHER token price forecast
The 4H chart shows that the MOTHER token peaked at $0.2598 this month and has now crashed by over 70% to the current $0.080.
It formed a small double-bottom pattern at $0.055 and now attempts to cross the neckline at $0.076. In technical analysis, a double-bottom is one of the most bullish signs in the financial market.
The MOTHER token has now rallied above the 25-period Exponential Moving Average (EMA), while the Relative Strength Index (RSI) has risen above the neutral point of 50.
Most importantly, the crypto has formed a falling wedge chart pattern, a famous bullish sign. On Tuesday morning, it was trading at the upper side of this pattern.
Therefore, there is a strong potential for the token to rebound and reach the significant resistance point at $0.1330, the 50% Fibonacci Retracement point. This could result in a substantial increase of over 72% from the current level.
