The meme coin market has been full of surprises, and Moo Deng (MOODENG) is proving to be no exception. After a sharp decline in early October, the Solana-based token has staged a remarkable comeback, with its market cap now hovering at $156 million. Investor confidence seems to be resurfacing, leaving many wondering if MOODENG has the potential to erase its recent losses and retest its previous peak.
MOODENG’s Recent Performance – From Slump To Surge
On October 7, MOODENG hit a low of $0.10, marking a 65% decline from its September 29 peak of $0.30. This steep drop left many traders wary, but the meme coin quickly showed signs of recovery. As of today, the token has climbed to $0.16, registering a notable 60% gain in just 24 hours.
This recent surge reflects renewed market confidence, supported by data from on-chain analytics platform Santiment. According to Santiment, MOODENG’s Weighted Sentiment—a key indicator measuring positive and negative commentary surrounding an asset—has shifted from bearish to bullish. A positive Weighted Sentiment signals that the broader market has turned optimistic about MOODENG’s recovery, which could lead to increased demand and, potentially, higher prices.
One important metric driving MOODENG’s resurgence is its social volume. This measures the number of times the token is searched or mentioned across social platforms and search engines. A rising social volume often correlates with increased attention from both traders and the general public, which can drive momentum for a cryptocurrency.
MOODENG has seen a noticeable uptick in social volume, suggesting growing interest in the token. If this trend continues, it could fuel further price gains, allowing MOODENG to recover more of its lost ground.
Technical Analysis – Can MOODENG Breach Key Resistance Levels?
From a technical standpoint, MOODENG’s outlook is cautiously optimistic. According to BeInCrypto, the meme coin’s Relative Strength Index (RSI)—a popular momentum indicator—has crossed the neutral 50.00 line for the first time since October 2. The RSI measures the speed and magnitude of price movements, and crossing the 50 mark signals a potential shift in momentum.
As long as the RSI remains above this neutral line, MOODENG’s momentum could stay bullish, with the next key resistance level at $0.19. Should the token break this resistance, it may target $0.23 next. A successful breach of this level could even push the price back to its September peak of $0.30.
Also Read: Vitalik Buterin Sells $1.8M In MOODENG Meme Coins For Charity, Boosting Token’s Value By 30%
However, traders should proceed with caution. If MOODENG fails to rise above the $0.19 resistance, the bullish momentum could falter, leading to a potential drop back to $0.13.
Optimism In The Air, but Caution Is Key
Moo Deng’s recent price rally and rising social interest have sparked fresh optimism among investors. While the token is showing signs of recovery, it still faces significant hurdles, including breaching the $0.19 resistance level. If MOODENG can maintain its current momentum, it may continue to erase its recent losses and climb back toward its previous highs. But as with all meme coins, volatility remains a constant, and traders should keep a close eye on key technical indicators before making any big moves.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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