Mother Iggy Price Jumps 5%, but a Correction May Be Looming

The Mother Iggy price surged 5% over the past 24 hours to trade at $0.1193 at press time.

Despite the recent gain, the MOTHER price is still deep in the red zone on the weekly time frame. Throughout the past 7 days, the Solana meme coin plunged over 36%.

The Mother Iggy Price Rejected by Resistance

The Mother Iggy price attempted to overcome the $0.149701 resistance level in the last 24 hours, but was rejected by the technical obstacle. As a result, the Solana meme coin might soon test the immediate support at $0.088803. 

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Continued sell pressure should the crypto fall to this mark could then expose MOTHER to the risk of falling back to within a negative price channel that has emerged on its charts. Bears will likely exert pressure on the Mother Iggy price if this should happen, which could drag it down to the subsequent mark at $0.047985.

However, MOTHER maintaining a position above the $0.088803 support for the next 24 hours might invalidate this bearish thesis. In this alternative scenario, the meme coin could look to attempt another challenge at the $0.149701 resistance. 

With enough buy volume, the Mother Iggy price could then overcome this threshold to flip it into support. This will give MOTHER the room needed to potentially rise to as high as $0.252355.

MOTHER at Risk of Correcting in the Short Term

Technical indicators on MOTHER’s 4-hour chart suggest the meme coin might drop in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.

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Firstly, the MACD line is collapsing towards the MACD Signal line. This could be an early indication of MOTHER’s positive trend coming to an end. If the MACD crosses below the MACD Signal line within the next 24 hours, traders might see it as an indication that the Mother Iggy price has entered a negative phase.

Meanwhile, the RSI is collapsing towards its Simple Moving Average (SMA) line. Although the former is currently bullishly positioned above the latter, the narrowing gap between the two lines warns of an upcoming change in trend.

Traders usually see the RSI falling below the SMA line as a sign that sellers have gained the upper hand against buyers. As such, it might be easier for bears to drag the Mother Iggy price down in the next 24 hours than it will be for bulls to boost it during the same period.

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