Moo Deng (MOODENG) Price Pops 60% as Upbit Sparks Major Memecoin Reversal

Key Takeaways

• MOODENG’s price surged by 60% after Upbit announced its listing of KRW, BTC, and USDT pairs.
• On-chain data shows that the trading volume jumped from under $50 million to $323.74 million.
• MOODENG broke out of a symmetrical triangle, with the ADX signaling strong directional movement.

Moo Deng (MOODENG), the hippo-themed memecoin that caught the market’s attention in 2024, is again making headlines.

Within the past 24 hours, the token has surged by 60% following a major announcement from South Korean exchange Upbit.

Earlier today, Upbit confirmed that it will officially list MOODENG. As is often the case with new listings on the exchange, the development ignited a sharp price rally, pushing MOODENG’s price higher.

But can the memecoin maintain this bullish momentum, or is a correction looming?

Upbit Pushed MOODENG Into Spotlight

On Tuesday, July 1, MOODENG’s price was $0.14. However, as of this writing, it has formed two consecutive green daily candlesticks to reach $0.21 for the first time since June 8.

While demand for the token has been rising since yesterday, Upbit’s announcement to list it further accelerated the upswing.

The South Korean exchange disclosed it will list MOODENG with the Korean Won (KRW), BTC, and USDT pairs via its official X handle.

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It also mentioned that trading would begin at 17.00 KST. Following this disclosure, the daily chart shows that MOODENG’s price broke out of a falling wedge.

Amid this, the Moving Average Convergence Divergence (MACD) also formed a bullish crossover for the first time since May. This technical setup indicates a notable strength behind the token’s price increase.

If sustained, the next point of interest could be around $0.25, provided MOODENG bulls defend the $0.18 support.

Volume Skyrockets Fast

On-chain analysis of the memecoin further supports this bullish outlook. According to Santiment, MOODENG’s volume was less than $50 million on July 2.

As of this writing, the figure has skyrocketed to $323.74 million. The rise in the volume indicates increasing market interest in the Solana-based memecoin.

From a price perspective, if the volume continues to rise, it could strengthen the upswing. In that case, MOODENG’s price might trade higher in the short term.

MOODENG Price Prediction: Breakout Gains Strength

The analysis of the 4-hour chart also aligns with the sign for the daily timeframe. As seen below, MOODENG’s price has broken out of the upper trendline of a symmetrical triangle.

In addition, the Average Directional Index (ADX) reading has increased to 32.94. Since the ADX is above 25, the current directional movement is strong.

Like the ADX, the Money Flow Index (MFI) has spiked, indicating rising buying pressure. If this trend continues, MOODENG might break the resistance at $0.23.

In that scenario, the market value of the cryptocurrency could hit $0.28 near the 0.236 Fibonacci level.

On the contrary, if the memecoin becomes overbought and profit-taking increases, its price might not reach the abovementioned level. Instead, MOODENG might retrace to $0.12.