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Cryptocurrency News Articles
MOODENG (MOODENG) Regains Footing After an Extraordinary Rise Since Its Launch
Oct 03, 2024 at 04:06 am
Moo Deng (MOODENG) is a new Zoo meme coin on the Solana ecosystem, which launched on Sept. 11. After a rapid increase, it reached the top 250 biggest meme coins and is the 7th biggest meme coin in the Solana blockchain.
Key Takeaways
After launching on Sept. 11, Moo Deng (MOODENG) quickly became one of the top 250 meme coins and the seventh-largest in the Solana blockchain. It is a new Zoo meme coin in the Solana ecosystem.
Due to the recent interest in the meme coin, over 80% of its $257 million market cap was realized in 24 hours, with MOODENG’s volume reaching 214 million.
MOODENG's All-Time High
While MOODENG began trading on centralized exchanges on Sept. 19, it has been available on Solana’s decentralized exchanges (DEX), such as Raydium, since Sept. 11.
Its rapid price increase helped one trader earn over $9 million in profits, but others sold at a massive loss following the initial decline in MOODENG's price.
Since Sept. 20, MOODENG has completed a five-wave upward movement (white) that led to a new all-time high price of $0.355. Afterward, it began an A-B-C corrective structure, reaching a low of $0.173. The low validated the 0.5 Fibonacci retracement support level.
Continue reading Top 5 Memecoins to Watch in October
After completing the correction, the price of MOODENG broke out from a descending resistance trend line.
Thus, MOODENG has completed a five-wave decline and a corrective structure at an important Fibonacci support level, indicating that the correction is likely over. Moreover, it was roughly half the length of the previous upward move.
If the upward movement continues, the main resistance zone will be at $0.30. This is the last resistance zone before a new all-time high.
Once the MOODENG price clears it, the next resistance level is at $0.47, which is the first target for the 1.61 external Fibonacci retracement level.
On the other hand, a drop below the $0.22 horizontal support zone would indicate that the correction is still continuing. In this scenario, MOODENG could experience new lows, reaching $0.10.
During the breakout, the 4-hour RSI crossed back above the 50 line, indicating a bullish trend. When combined with the price action and bullish wave count, this makes new highs more probable than a breakdown below support.
MOODENG Regains Footstep
After an exceptional launch, the MOODENG price began to decline on Sept. 26.
However, the recent breakout and reclaim suggest that MOODENG has regained its footing and could attempt to reach a new all-time high.
Valdrin Tahiri
Disclaimer:info@kdj.com
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