- Moo Deng crypto bulls were knocking on the doors of a significant technical level.
- Social media hype would be key in determining the next uptrend’s strength.
As a seasoned researcher who has navigated through countless crypto market cycles, I’ve learned to never underestimate the power of social media hype and the unpredictability of memecoins like Moo Deng [MOODENG]. Despite its recent 65.2% rally within two days, it’s currently in a retracement phase, facing a formidable resistance at $0.16-$0.18.
Over the last two days, Moo Deng [MOODENG] experienced a significant surge by approximately 65.2%, but it is currently in a period of decline. The digital token encounters a potential resistance area around $0.16 to $0.18, which has been established since October 4th and may pose challenges for further upward momentum.
The digital currency resembling internet memes appears to have a temporary upward pattern, with optimism that the growth trend towards the end of September might restart.
MOODENG crypto stalled beneath resistance
In the past few weeks, the fame of baby hippo Moo Deng has surged significantly, causing its associated token to become more prominent on social media platforms. On September 28th, the token’s market cap peaked at a staggering $321.5 million, marking its highest point since its initial launch.
As of the latest update, the market value stood at approximately $160 million. Even with the positive price trends observed this week, the region between $0.18 (previously a support level) and the present (currently acting as resistance) has proven challenging.
This level coincided with the 50% Fibonacci retracement level.
Although the Relative Strength Index (RSI) indicated increasing bullish energy, the On-Balance Volume (OBV) failed to suggest significant buyer control. For a clear indication that MOODENG cryptocurrency might surge past the nearby resistance, it’s likely we need to see the downward trendline being broken.
If the price exceeds $0.185 and then returns to this level, it could present a good chance to buy.
The recent reversal came above the 78.6% Fibonacci retracement level, showing that the former uptrend could be reinstated.
Social sentiment turns bullish
In the past few days, there’s been a shift in public sentiment online, moving from optimistic to pessimistic. However, at this moment, it appears that sentiment is leaning towards positivity again.
Based on the excitement building around it, the memecoin might be transitioning from a downtrend to an uptrend, potentially preparing for another surge.
Realistic or not, here’s MOODENG’s market cap in BTC’s terms
Over the last day, the data indicated a persistent increase in Open Interest. This, combined with the coin’s price surge since Monday, suggests that speculators have been actively placing wagers on the cryptocurrency, as evidenced by the rising Open Interest trend.
An equivalent surge in demand within the active trading markets might empower Moo Deng’s bullish investors to overcome the $0.18 barrier and head towards the record peak at $0.355, possibly reaching even greater heights.
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2024-10-09 19:35