Moo Deng (MOODENG), the meme coin named after the viral hippo baby sensation, has jumped by 30% in the last 24 hours. This surprising move happened at a time when several crypto prices crashed amid heightened volatility.
With Moo Deng’s rally standing out, this analysis highlights the key drivers behind the surge and what traders can expect from the token going forward.
The Hippo-Themed Meme Coin Displays Strength
Yesterday, October 1, was supposed to be the start of a quarter-long uptrend for the market. But that optimism quickly turned sour as geopolitical tension, which saw Iran fire a missile at Israel, triggered panic and led to sell-offs in the market.
As a result of this development, liquidations surpassed $500 million in the last 24 hours, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) prices dropping. While several meme coins were also affected, Moo Deng, which trended only recently, defied the chaos.
In the last 24 hours, MOODENG’s price has increased by 30% and is currently $0.24. This rise is connected to the surge in the meme coin’s volume. According to Santiment, Moo Deng’s volume exceeded $200 million, indicating increasing investor interest in it.
Read more: What Are Meme Coins?
Since the volume rose alongside the price, it suggests that the majority bought the token. Increased buying pressure often supports continued price growth, signaling potential bullish sentiment. Therefore, if this trend persists, it indicates strong demand, which could lead to further upward momentum in MOODENG’s price.
The meme coin’s social dominance is another metric that jumped significantly. Social dominance measures the rate of discussions around a cryptocurrency compared to other assets.
When the metric decreases, it means the market is paying less attention to the assets involved. However, since Moo Deng has had a notable rise, it appears that the broader market is shifting attention toward the meme coin amid this torrid period.
MOODENG Price Prediction: Eyes on $0.35
According to the 4-hour chart, MOODENG’s price is $0.25 despite initially hitting $0.18 on October 1. Details from the chart below show that the meme coin rebounded after the Relative Strength Index (RSI) broke out of the resistance.
The RSI is a technical oscillator that measures momentum by measuring the speed and size of price changes. When the indicator’s reading increases, momentum is bullish. On the other hand, a decrease implies decreasing upward momentum.
Based on the Moo Deng chart below, the RSI, after breaking above the resistance, is still climbing. Should this continue, the meme coin might move to $0.28 in the short term and eventually climb toward $0.35.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
However, traders should be on the lookout. Should some MOODENG holders take profit, the bullish prediction might be invalidated. In that scenario, the price might decline to $0.19.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/moo-deng-defies-market-trend/
2024-10-02 15:00:00
