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Following the development, the token’s price spiked on several exchanges, including Coinbase and Binance Futures.
A look at the 4-hour chart reveals that buying pressure is increasing, causing the Money Flow Index (MFI) to enter the overbought zone.
However, about one day later, the market confirmed that no one shot Moo Deng. This led the hippo-themed memecoin to crash from its recent peak, registering a 17% decline over the past 24 hours.
Furthermore, the red line of the Supertrend has positioned above the cryptocurrency’s price. Due to this, it appears that MOODENG’s price will be unable to hit the top of the wick.
The daily chart shows MOODENG’s price breaking out of a falling wedge, a pattern that often precedes a bullish reversal.
At the same time, the Moving Average Convergence Divergence (MACD) has flashed a bullish crossover. This setup signals that the memecoin could push higher.
However, the Chaikin Money Flow (CMF) tells a different story. The CMF has slipped below the zero line, which indicates sellers have taken control.
Because of this shift, MOODENG may struggle to retest the $0.20 wick. Instead, it could break below the lower trendline and slide toward $0.064.
On the other hand, if buying pressure increases, this prediction may not come to pass. In that scenario, MOODENG might jump toward $0.13
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
