New Meme Coin Moo Deng (MOODENG) Price Rally Is Far From Over Despite 2,000% Increase

Key Takeaways

• Moo Deng (MOODENG) has increased more than 2,100% since Sept. 20.
• The price broke out from a descending resistance trend line on Oct. 2.
• Will MOODENG increase to a new all-time high, or is the rally over?

Moo Deng (MOODENG) is a new Zoo meme coin on the Solana ecosystem, which launched on Sept. 11 . After a rapid increase, it reached the top 250 biggest meme coins and is the 7th biggest meme coin in the Solana blockchain. Because of the recent interest in it, MOODENG’s 214 million volume in the past 24 hours is over 80% of its market cap of $257 million.

MOODENG All-Time High

While MOODENG launched in centralized exchanges on Sept. 19, it has traded in Solana’s decentralized exchanges (DEX) like Raydium since Sept. 11.

Its rapid increase saw one trader make over $9 million in profits, but others have sold at massive losses after the initial MOODENG price decline.

Since Sept. 20, MOODENG completed a five-wave upward movement (white) that led to a new all-time high price of $0.355. Then, it started an A-B-C corrective structure that led to a low of $0.173. The low validated the 0.5 Fibonacci retracement support level.

Read More: Top 5 Memecoins to Watch in October

After completing the correction, the price of MOODENG broke out from a descending resistance trend line.

So, MOODENG has completed a five-wave decline and a corrective structure at an important Fibonacci support level. These are all signs that point to the correction being over. Furthermore, it had roughly half the length of the previous upward movement.

If the upward movement continues, the main resistance area will be at $0.30. This is the final resistance area before a new all-time high.

Once the MOODENG price clears it, it can increase toward a new all-time high. The first target for the high is at $0.47, created by the 1.61 external Fibonacci retracement level.

On the other hand, falling below the $0.22 horizontal support area will instead indicate that the correction is still ongoing. In that case, MOODENG could fall to new lows toward $0.10.

During the breakout, the 4-hour RSI reclaimed the 50 line, a sign of a bullish trend. When combined with the price action and bullish wave count, this makes new highs more likely than a breakdown below support.

MOODENG Regains Footing

After an extraordinary rise since its launch, the MOODENG price began to decline on Sept. 26.

However, the recent breakout and reclaim suggest MOODENG has regained its footing and the price can attempt to reach a new all-time high.