The digital currency MOODENG witnessed a decline of 2.07% in the past day, currently valued at $0.3876. The trading volume within this period amounted to $133.7 million, registering a decrease of 15.97% over the week.
MOODENG’s market capitalization stands at $383.5 million, with a circulating supply of 990 million tokens. Price fluctuation in the last 24 hours ranged between $0.3797 and $0.4042, while over the past week, the value moved from $0.3232 to $0.5358. Since its peak at $0.6804 on November 15, 2024, the coin has retraced by 43.3%.
Although there has been a recent downturn, experts are positive about a potential bullish breakout. Analysis of the falling wedge pattern on the chart suggests a reversal of the current downward trend, indicating a probable significant price surge.
Potential Upsurge and Crucial Support Levels
Observations of MOODENG’s price movement reveal a falling wedge pattern, a trend that often indicates a reversal. This pattern is identified by decreasing highs and lows gradually converging towards a common point, reflecting a weakening downtrend and opening up possibilities for an upward breakout.
An essential support level highlighted by a market analyst is $0.35. This level has proven resilient, preventing further declines and functioning as a significant accumulation zone. According to Rose Premium Signals, the next major movement hinges on breaking the upper wedge trendline.
“A breakout above the wedge indicates a bullish trend continuation with substantial upward potential,” the analyst noted.
Projected price objectives post-breakout include $0.56, $0.74, and the challenging milestone of $0.93, which could dictate the feasibility of further gains.
Market Sentiment and Trading Activity
Data reveals a 31.53% decline in trading volume, currently at $414.98 million. Concurrently, open interest has dropped by 6.52%, reaching $139.12 million. These statistics suggest reduced market involvement, although investor opinions remain diverse.
Insights from Coinglass highlight a net outflow of $481.45K from exchanges on December 13, continuing the trend of increased withdrawals since November. This trend indicates investor accumulation, restricting the token’s sale availability. The heightened demand coupled with decreased liquidity for selling may facilitate future price escalation.
In other news, MOODENG has garnered attention following its listing on OKX, a prominent cryptocurrency exchange. Speculation regarding a potential listing on Binance has further sparked enthusiasm among investors.
Performance History and Future Projections
Market analysts are drawing parallels between MOODENG’s current situation and historical trends. Comparable falling wedge formations in other assets have resulted in significant price recoveries.
As patterns of accumulation persist and market sentiment stabilizes, traders are keeping a close eye. The coin’s ability to maintain crucial support levels and surpass resistance thresholds will dictate its potential to achieve ambitious price targets.