MOODENG crypto has bullish social media sentiment and in the speculative markets, and a retest of this resistance could be a chance to buy.
saw a 65.2% rally within the past two days, but the token was still in a retracement phase. It faces a supply zone at $0.16-$0.18 that has been in place since the 4th of October.has a short-term bullish structure, and there was hope that the uptrend in the latter half of September could resume.At press time, the market cap was at $160 million. Despite the bullish price action this week, the former support, current resistance zone around $0.18 posed an obstacle.
A move beyond $0.185 and a subsequent retest of the same area as support would be a buying opportunity.The Weighted Sentiment has fluctuated from positive to negative online engagement in recent days. At press time, it was bullish once again. The memecoin could be ending its retracement phase and gearing up for the next rally, based on the hype that gets generated around it.Data showed that the Open Interest was consistently high over the past 24 hours. The price bounce since Monday and the Open Interest’s uptrend showed speculators were willing to bet on the coin.
A similar increase in demand in the spot markets could help Moo Deng bulls break the $0.18 resistance zone and push toward the all-time high at $0.355 and potentially higher. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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