MAMO Dips 20% After Coinbase Listing Despite 120% Weekly Gains

MAMO experienced a sharp decline following its debut on Coinbase, reversing a week-long rally that had driven the token up more than 120%. The token dropped nearly 20% shortly after the listing, with daily trading volume surging over 150% as traders appeared to lock in profits after the rapid price increase [1]. Despite the correction, MAMO remains up more than 63% for the week and has appreciated by over 1,300% since its initial launch in May [1].

The initial sell-off is a common occurrence in the crypto market following a token’s listing on a major exchange, especially after hitting an all-time high. Early holders often look to cash in profits, creating short-term downward pressure [1]. However, signs suggest that the selling pressure may be easing. MAMO has maintained a recovery above its intraday low of $0.171 and is showing resilience [1].

Positive indicators include recent exchange listings, which have improved the token’s accessibility and credibility. The Coinbase listing has expanded MAMO’s reach to U.S. investors, while the prior listing on CoinEx has increased its availability in international markets [1]. These developments are often associated with greater retail adoption, increased market depth, and stronger investor confidence.

On-chain data reveals further bullish sentiment. Whale accumulation has increased by 16.5% over the past seven days, with large holders now holding 2.41 million tokens [1]. This trend indicates that high-net-worth investors are positioning for potential upside. Additionally, the token’s circulating supply on exchanges has dropped by 10.5% over the same period, suggesting that traders are moving assets into long-term storage and reducing short-term liquidity [1].

From a technical perspective, MAMO remains above both its 20-day and 50-day simple moving averages, a sign of ongoing bullish momentum [1]. The MACD indicator also supports a continuation of the uptrend, with the MACD line crossing above the signal line and green histogram bars expanding [1]. Meanwhile, the RSI has pulled back from overbought territory to a reading of 64, indicating a cooldown in momentum but still showing a neutral-to-bullish bias [1].

At the time of writing, MAMO is trading near the 78.6% Fibonacci retracement level from its recent all-time high. A successful bounce from this level could turn it into support, encouraging traders to re-enter long positions with the aim of retaking the $0.25 psychological level [1]. A breakdown below the 61.8% retracement level, however, could signal a shift in sentiment and potentially push the price toward the $0.10 support level [1].

Sources:

[1] MAMO crashes after Coinbase debut despite 120% weekly surge — is the run out of steam? (https://coinmarketcap.com/community/articles/689491b0b84edf711c3cadfd/)