MOODENG Price Reaches New All-Time High After 120% November Increase

Key Takeaways

• Moo Deng (MOODENG) reached a new all-time high on Nov. 14.
• The MOODENG price has increased by 120% so far in November.
• Will the upward movement continue or has MOODENG reached a local top?

Memecoins have been the best-performing category since the Nov. 4 bottom. Several have reached new all-time highs, including PEPE and MOODENG, who did so today, on Nov. 14. The MOODENG upward movement is completely parabolic.

Let’s analyze the price action to identify key areas that could act as the next MOODENG top.

MOODENG Reaches All-Time High

The MOODENG price has increased rapidly since breaking out from a descending resistance trend line on Oct. 23. MOODENG underwent a short-term correction starting on Oct. 26, but it has not looked back since breaking out from a shorter-term descending resistance trend line (dashed) ten days later.

On Nov. 9, the memecoin broke out from the previous all-time high region, validated it as support (black circle), and then reached a new all-time high of $0.52 on Nov. 14.

Despite the upward movement, technical indicators are showing weakness. The Relative Strength Index (RSI) generated a bearish divergence (green) and has not broken it yet while the Moving Average Convergence/Divergence (MACD) has generated its bearish divergence.

So, looking at the wave count is needed to determine if the MOODENG price rally is ending.

What’s Next?

The most likely wave count suggests MOODENG is in the third wave of a long-term five-wave increase (white). The sub-wave count is in black, indicating that MOODENG is in the fifth and final sub-wave of this increase.

Wave three is already longer than wave one, so it may increase until $0.61, giving it 1.61 times its length. If this is the case, the MOODENG price will increase by another 33% before a local top.

Then, the price could begin its wave four correction toward the $0.30 horizontal support area. Afterward, another increase would complete the entire five-wave upward movement.

MOODENG Nearing a Top

The MOODENG price has increased by 120% in November, culminating with a new all-time high today.

The upward movement can continue for at least another 30% before the price reaches a local top.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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