MOODENG, a memecoin themed around hippos and operating on the Solana blockchain, recently experienced a significant surge in price activity following its listing on Binance Futures.
With a noticeable increase in trading volume signaling positive market momentum, traders are now contemplating whether MOODENG will be able to uphold its current surge or if a market correction is on the horizon.
Analysis of MOODENG Price Action and Future Outlook
Following its inclusion on Binance, MOODENG witnessed a price leap of over 100%, breaking free from a notable resistance level within a descending wedge pattern.
Market speculators believe that this recent breakout might suggest the potential for further gains, especially with the rising trading volume indicating positive momentum.
At present, MOODENG is testing another significant resistance level above its current price. Should the price successfully breach this level, forecasts suggest a potential surge towards $0.2660 and even up to $0.3540.
Nevertheless, many traders anticipate a brief correction before a continuation of the upward trend, considering the magnitude of the recent price surge.
For prospective investors, experts advise waiting for a confirmed retest at the current price levels before entering the market.
The strong growth in MOODENG’s momentum, coupled with its timely exchange listings, could further bolster its price trajectory.
Potential Impediments in the Form of Profit-Taking and Liquidations
Following the announcement of its listing on Binance, MOODENG’s price surged as predicted, enabling a shrewd trader to pocket $140K within minutes.
This trader swiftly acquired 2.77 million MOODENG tokens with 1300 SOL, subsequently selling them for 2109 SOL, thereby securing a substantial profit.
While similar trading patterns have emerged with previous Binance listings, the current market trend raises concerns regarding whether MOODENG’s price will continue its upward trajectory or encounter selling pressure due to profit-taking by traders.
Market observers are vigilantly monitoring any further developments, as increased trading volume and momentum could provide support for MOODENG’s ongoing price surge.
An in-depth analysis of liquidation patterns suggests that there are clustered liquidation orders near the $0.144 mark, totaling almost half a million. This clustering acts as a price support zone.
On the flip side, the scarcity of liquidation orders above the current price levels reduces the likelihood of an abrupt upward movement.
For MOODENG to sustain its rally, a slight dip may be necessary to release any accumulated pressure before potentially resuming an upward climb.
This listing has captured significant attention and price momentum, establishing MOODENG as one of the most closely monitored memecoins at present.
As traders analyze the balance between profit-taking and future gains, the path of MOODENG’s price remains promising but cautious.
The upcoming days will be pivotal in determining whether this hippo-themed token will forge new highs or undergo a corrective phase before embarking on another rally.