Moo Deng Price Prediction: MOODENG Plunges 22% As Traders Eye This Newcomer With A 7,480% APY
Release: 2024/10/01 20:24 Reading: 334
The Moo Deng price has plunged 22% in the last 24 hours to trade at $0.2055 as of 3:25 a.m. EST on a 4.6 % surge in trading volume to $164 million.
The MOODENG token is based on a pygmy hippo from a zoo in Thailand that went viral online. Even ESPN has picked up on the phenomenon of Moo Deng, which means “bouncy pork” in Thai.
Moo Deng Price Signals A Bullish Trend Reversal
The MOODENG/USD price action shows an upward trend following a parabolic curve, indicating a strong bullish rally. With this sharp increase, the MOODENG price has now consolidated to around the $0.677 level, forming a support zone where the bulls have initiated a reversal.
The 50 SMA (simple moving average), represented by the blue line, steadily follows the price action and is currently at $0.1677, coinciding with the support zone. This shows that the overall trend remains bullish. Furthermore, the price staying above this moving average indicates underlying support that is helping to prevent a sharp decline.
Moo Deng Price Analysis: More Upside Ahead
Upon closer examination, the price has settled into a range following the parabolic rise, indicating consolidation before a possible upward move, as suggested by the chart.
The Relative Strength Index (RSI) is relatively neutral, currently at 48.62, implying that the asset is neither overbought nor oversold. This could allow the bulls to push the Moo Deng price higher.
The Moving Average Convergence Divergence (MACD) shows a bearish setup, with the signal line (orange) above the MACD line (blue) above the neutral level. However, the histogram bars indicate a potential reversal toward the positive side, suggesting that bullish momentum may return, in line with the narrative of further upside potential.
If the price holds above the $0.1677 support level and gains sufficient buying momentum, a rally toward $0.36 to $0.42 could be seen in the short to medium term. On the other hand, if the price fails to maintain this support, it may retest the $0.10-$0.16 region, turning the 50 SMA into resistance.
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