MOODENG Trades Sideways After 270% Spike — Next Move Ahead

Key Takeaways

• The bull phase began with a 2,347% surge in September.
• Three-wave correction likely concluded with a recent rebound.
• A symmetrical triangle signals the potential for further gains or drops.

MOODENG saw a 270% spike from $0.074 to $0.25 on Oct. 25, following what appears to be the conclusion of a three-wave corrective pattern.

After hitting resistance at $0.27, it experienced a minor pullback to $0.18 before recovering to $0.24.

This movement formed a symmetrical triangle, suggesting a bull flag pattern. If the price breaks to the upside, this could indicate another bullish continuation.

MOODENG Price Analysis

MOODENG entered a bull phase on Sept. 20 at $0.014, soaring by 2,347% to reach an all-time high of $0.35 on 28.

However, it faced a significant correction of 71%, hitting a low of $0.10 on Oct. 7.

Following this, a descending triangle pattern formed, bottoming near $0.1 on Oct. 7. A breakout above descending resistance pushed the price to $0.17 on Oct. 8.

However, another round of descending price action occurred, leading to a lower low of $0.061 on Oct. 23. 

A new bull phase began since this likely concluded a three-wave correction labeled as a WXY from $0.74 to $0.25 on Oct. 25, increasing by around 270%. It proceeded slowly to a higher high of $0.27 and found resistance. 

It made a 30% downturn to a low of $0.18 but regained some previous levels, returning to $0.24 on Oct. 30.

Considering the price context, this formed a symmetrical triangle that could be interpreted as a bull flag. However, symmetrical triangles indicate equal pressure for both sides, leaving the possibility of a further drop. 

MOODENG Price Prediction

On the hourly chart, we can see that the price is currently at the ascending support level. Its interaction result will point out the next dominant trend.

If the price finds support and increases again, a breakout to the upside will validate the bullish outlook. In that case, MOODENG’s price will go to at least $0.30, if not to a new all-time high. 

However, we are more likely to see a breakout to the downside. The price made two waves from its recent high, the first of which is a stronger one. This resembles an ABC correction; considering the increase we previously saw, it’s a more likely outcome. 

A breakout to the downside will result in a further decline of at least the same length as the first wave from the recent high.

In that case, our target would be $0.17. If the momentum continues, a 1.618 Fib would be the next one at $0.11.