- MOODENG showed a bullish falling wedge pattern, with key support at $0.35 and targets up to $0.93.
- Net outflows of $481K signaled investor accumulation, reducing sell-side liquidity for potential price growth.
As a seasoned crypto investor with a knack for recognizing patterns and interpreting market trends, I find the recent developments surrounding Moo Deng (MOODENG) intriguing. The bullish falling wedge pattern and key support at $0.35 coupled with net outflows of $481K signaling investor accumulation are strong indicators that this coin could be on the verge of a significant price surge.
Moodeng decreased by 2.07% over the past 24 hours. Currently, it’s being exchanged at approximately $0.3876 per unit.
Its 24-hour trading volume stands at $133.7 million. Over the past week, the token has fallen by 15.97%.
MOODENG’s current market capitalization stands at approximately $383.5 million, with a circulating supply of about 990 million tokens in circulation. Over the past 24 hours, its price fluctuated between $0.3797 and $0.4042.
For the last week, the price of MOODENG fluctuated between $0.3232 and $0.5358. After hitting an all-time high of $0.6804 on November 15th, 2024, it has dropped by about 43.3%.
Although there have been recent drops, analysts remain hopeful that we might witness an upturn in the market, possibly resulting from a strong surge in prices. The graph shows a “falling wedge” formation, which indicates that the ongoing decline may soon turn into an upward trend, potentially triggering a swift price increase.
Bullish falling wedge and key support levels
MOODENG’s price trend indicates a downward sloping triangle, a common chart pattern suggesting a possible change or turnaround in direction.
Based on my years of studying market trends and observing various economic cycles, I have noticed that a pattern characterized by declining highs and lows converging towards a single point often indicates a weakening downtrend and growing potential for an upward breakout. This pattern can be quite intriguing, as it reminds me of the ebb and flow of life itself – the ups and downs that eventually lead to a turning point. I have seen this pattern play out in many different scenarios, from personal finances to global economies, and it serves as a valuable reminder to stay patient and vigilant when investing or making financial decisions.
A critical support point for the price was noted at $0.35 by an analyst. This region has proven strong on multiple occasions, acting as a barrier to additional drops and becoming a significant location for buying activity.
As per Rose Premium Signals’ analysis, the upcoming significant price movement is likely to be determined by breaching the upper trendline of the wedge pattern.
The analyst noted that if prices surpass the boundaries of this pattern (wedge), it indicates a positive trend continuing, with significant upward possibilities ahead.
Based on the recent breakout, projected prices suggest potential levels of $0.56, $0.74, and $0.93. However, reaching the $0.93 mark is expected to be tough due to strong resistance at this level, which could influence whether additional gains can occur.
Market sentiment and exchange activity
The trading volume dropped by 31.53%, amounting to $414.98 million currently, while open interest declined by 6.52% and now stands at $139.12 million.
These figures suggest reduced market participation, though investor sentiment remains mixed.
Data from Coinglass shows a total withdrawal of approximately $481,450 from cryptocurrency exchanges on December 13th, marking another day in the ongoing series of significant withdrawals that began in November.
These outflows indicate that investors are hoarding these tokens, thereby decreasing the number of tokens up for sale. With rising demand and a lack of tokens available to be sold, this situation might foster future price increases.
The token is generating buzz as it’s now available on OKX, a significant cryptocurrency exchange. The possibility of being listed on Binance has added to the enthusiasm among investors.
Historical performance and targets
Experts are drawing parallels between MOODENG’s present configuration and past trends. Notably, when similar descending triangle formations have appeared in other assets, they often preceded significant rebounds in their prices.
Read Moo Deng [MOODENG] Price Prediction 2024-2025
With the ongoing build-up and investor feelings becoming more settled, traders are keeping a keen eye on MOODENG. Whether MOODENG manages to maintain crucial support levels and breach resistance points will decide if it can achieve its lofty projected prices.
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2024-12-14 13:12