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Cryptocurrency News Articles
MOODENG (MOO DENG) Price Prediction: The Hippo Is in Danger
Oct 07, 2024 at 07:45 am
Moo Deng (MOODENG) price witnessed an impressive rally throughout September, becoming a must-watch token in the crypto space. However, towards the end of the month, the altcoin's fortunes turned, and it began a steep decline.
Moo Deng (MOODENG) price enjoyed a remarkable rally throughout September, making it one of the must-watch tokens in the crypto space. However, towards the end of the month, the altcoin’s fortunes took a turn for the worse, as it began a steep decline.
As of this week, Moo Deng has become one of the biggest losers, with its price crashing by nearly 60%. This drastic drop has left investors wondering what went wrong.
Moo Deng Investors’ Mood Has Been Ruined
The market sentiment for Moo Deng has shifted sharply. After reaching an all-time high of $0.355 on September 25, investor optimism quickly faded. According to LunarCrush data, the weighted sentiment for MOODENG has turned negative, indicating reduced confidence in the token’s recovery.
As sentiment declines, so does the chance of a swift rebound. The decreasing enthusiasm has led to lower trading volumes, which are now worsening the price drop. Without renewed buyer interest, the coin’s recovery appears uncertain, raising further concerns among its backers.
On the technical front, Moo Deng’s momentum has also turned decisively to the bearish side. The Relative Strength Index (RSI) on the daily chart has fallen below the critical neutral line of 50.0, a sign that the buying pressure is weak and that bearish momentum has taken over.
The drop in RSI from bullish to bearish on the daily timeframe reflects the broader market trend for Moo Deng. With the momentum favoring sellers, the coin is likely to experience more downward pressure in the near term. This could potentially drive the price even lower if the bearish conditions persist.
MOODENG Price Prediction: The Hippo Is in Danger
Moo Deng’s price has plummeted by nearly 60% over the last seven days, currently trading at $0.132. For now, the meme coin is managing to hold above the crucial support level of $0.124, but this stability may not last long.
Judging by the 4-hour chart, Moo Deng price is likely to drop below the $0.124 support. This would open the door for a further decline towards the next critical support at $0.099.
However, if the support at $0.124 holds, the meme coin price could attempt a recovery. A bounce off this support would➥ begin an uptrend, aiming for the resistance at $0.180.
If the price breaks above this level, the bearish outlook will be invalidated. From there, Moo Deng price will be positioned for a move towards the $0.200 resistance, recovering some of its recent losses.
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