- Moodeng skyrockets more than 100% after Binance listing.
- Liquidation levels suggested a correction is likely before a rally.
As a seasoned crypto trader with over a decade of experience navigating the digital asset landscape, I have witnessed my fair share of market surges and corrections. The recent meteoric rise of Moo Deng (MOODENG) following its Binance listing is a testament to the power of hype in the crypto world.
MooDeng, the meme coin based around hippos, has experienced a significant surge in value after being listed on Binance’s Future Trading platform.
With the increasing trading activity suggesting a favorable trend, traders are pondering whether Moodeng’s momentum will persist or if a potential market adjustment could be on the horizon.
Moo Deng price action and prediction
After being listed on Binance, the price of MOODENG shot up by more than 100% and broke free from an important resistance level in a downward sloping wedge formation.
It’s being predicted by traders that the recent surge might suggest more significant profits are possible, given that trading activity is increasing. This upward trend could be a sign of strong momentum.
Currently, at the latest update, MOODENG is being put to the test against a notable resistance level in its pricing. Should it manage to breach this barrier, predictions indicate a possible progression towards $0.2660, with potential further advancements up to $0.3540.
As an analyst, I find myself anticipating a potential temporary pullback or correction, preceding what could be an ongoing bullish trend. This expectation stems from the substantial surge we’ve witnessed in the markets recently.
For those looking to enter, analysts recommend waiting for a confirmed retest at current levels.
MOODENG’s progress is demonstrating robust expansion, fueled by strategic placements on significant stock markets. These listings could potentially propel its price trend even higher.
Profit-taking and liquidations could hinder continuation
Following the announcement that MOODENG would be listed on Binance, its price increased just as anticipated, giving a clever trader the opportunity to earn approximately $140,000 within mere minutes.
As a researcher examining market transactions, I swiftly acquired approximately 2.77 million MOODENG tokens using around 1300 SOL. Later, I successfully resold these tokens for roughly 2109 SOL, thus generating a notable profit from this particular trade.
Just as with other Binance listings, Mooden’s trade pattern suggests a possible continuation of its upward trajectory; however, there are concerns among some investors that profit-taking traders might exert downward pressure on the price.
Market analysts are keeping a keen eye on any future developments, as increased trading activity and positive momentum may sustain MOODENG’s continued growth.
An examination of the pattern of the crypto’s liquidation reveals a significant concentration of orders around the $0.144 value, totaling nearly half a million dollars. This cluster creates a support level for the price.
Currently, I find myself in a situation where there are less sell orders at these price points, which might be slowing down any quick upward momentum.
For MOODENG’s upward trend to persist, it might initially experience a small decline, which could relieve some tension, followed by another possible rise.
This listing has generated significant attention and a surge in value, making it one of the most closely monitored meme coins at present.
Realistic or not, here’s MOODENG’s market cap in BTC’s terms
Traders are considering the balance between cashing in on profits now versus potential future growth, and Moodeng’s price trend continues to show promise with a note of caution.
Over the coming days, it’s crucial to see whether this hippo-themed coin will reach new peaks or instead enter a period of adjustment (correction) before making another upward move.
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2024-10-26 03:36