Cena Moo Deng (moodengsol.com)MOODENG

$MOODENG / USDT : Bullish reversal awaited 🚀 Ascending accumulation below the main downrtrend resistance! Prices could fly within the coming days / hours!  Monitor the levels in my charts 🎯 

MOODENG's current situation looks pretty challenging, with a double-top pattern on its one-day chart and a 35% drop in the last seven days. If buyers don't step in soon, the memecoin could potentially drop further towards $0.134. The recent 7% drop in 24 hours, with a current trading price of $0.256, isn't helping either. It's worth noting that MOODENG's decline is mirroring the broader market trends, with over $1.5 billion in liquidations within two days, according to Coinglass. The hawkish stance of Federal Reserve officials during the FOMC meeting has contributed to this pullback. However, some analysts are still optimistic about MOODENG's potential for a bullish breakout, citing a falling wedge pattern on the chart. If the coin can break through the upper wedge trendline, it could potentially rise to $0.56, $0.74, or even $0.93. But for now, it's essential for MOODENG to stay above $0.1891 to potentially move towards the first major resistance level at $0.3429. As for the recovery, it's difficult to predict exactly how far MOODENG will bounce back, but it's likely to be a gradual process. The coin's market cap is currently at $269 million, and it's ranked #205 among all cryptocurrencies. With a circulating supply of 990 million coins, MOODENG has a long way to go to reach its all-time high of $0.593. But with the right market conditions and a bit of bullish momentum, it's possible that MOODENG could make a significant recovery in the coming months ¹ ².

A double-top pattern has emerged on MOODENG’s one-day chart, suggesting bearish trends could continue. The memecoin breached crucial support at the neckline at $0.341 and formed a sell signal, pushing prices lower. As the downtrend persists, MOODENG could drop to the key support level of $0.134. If this support holds, buyers could step in, leading to a rebound. Conversely, if MOODENG breaks through, it could cause more dips. The Chaikin Money Flow (CMF) indicator showed that selling activity was rising. This metric has formed lower lows, indicating that buyers are not stepping in to support a rebound. The Directional Movement Index (DMI) also highlighted the prevailing bearish trends. The positive Directional Indicator (DI) has shifted below the negative DI. However, the Average Directional Index (ADX), which was tipping south, showed that the bearish trends were weakening. This scenario could see MOODENG enter into range-bound consolidation. Additionally, if buyers step in, a bullish reversal could happen.$MOODENG

MOODENG’s Open Interest(OI) hit a peak of $304M in mid-November as the price rallied to an all-time high of $0.69. At the time, speculative interest was high as traders increased their bets on the memecoin. However, MOODENG’s OI has since dropped and stood at $94M, at press time. This shows that derivative traders have closed their positions and exited the market. This drop also shows a bearish sentiment. At the same time, it could lead to reduced volatility for MOODENG and push the price into range-bound consolidation. The Long/Short Ratio for MOODENG dropped to 0.89, indicating that short sellers are more than long buyers. This depicts a bearish state where many traders anticipate that the price will continue to decline. $MOODENG

the market shows that the Pump.fun ecological token is generally falling, with PNUT's 24-hour decline reaching 21.4%, currently priced at $0.8244. Among them, GOAT's 24-hour decline reached 11.8%, currently priced at $0.5642; ACT's 24-hour decline reached 16%, currently priced at $0.3956; MOODENG's 24-hour decline reached 16.9%, currently priced at $0.2847; FWOG's 24-hour decline reached 19%, currently priced at $0.2442. The market fluctuations are large, please be prepared for risk control.$ACT