MOODENG rallies 112%, but is buying momentum fading? – If so, what next
MOODENG surged 112%, entering a key supply zone as bullish momentum battles selling pressure and whale orders.
- MOODENG was up about 112% in a day while volume spiked by 387%.
- As the price of Moodeng surged, a seasoned whale moved limit sell orders to $0.565 and $1.11 levels.
A two-day Bollinger Band (BB) squeeze pushed Moo Deng [MOODENG] to a hike of more than 112% at $0.26249 price level, at press time.
Historically, such squeezes often precede strong rallies.
Once the price strongly outgrew the base at $0.21678 and came close to approaching the upper BB at $0.29834, the market began a period of consolidation.
The price spike took place coinciding with an explosion in the trading volume – up 387%, which suggested that there was the interest on the side of buyers.
There was an obvious bullish crossover in the MACD, but the histogram’s modest negative at -0.00020 indicated waning buying momentum.
The MACD line at 0.02985 moved lower beneath the signal line at 0.03006, signaling potential short-term deceleration.
If $0.26249 holds, MOODENG could retrace to $0.29834. A breakout to $0.35 is also possible. If buying power weakens, the memecoin may drop to $0.21678 or even lower to $0.169.
The $0.11232 support level remains strong and intact despite ongoing consolidation. For an uptrend to continue, MACD must regain bullish momentum while price stays above the middle band.
At the time of writing, MOODENG was losing momentum, though recent volatility suggests sharp price moves are still possible.
Will the sell limit orders of MOODENG whale be activated?
Meanwhile, a seasoned whale placed large limit sell orders on the MOODENG platform.
The orders included 2 million tokens at $0.565, totaling $543K, and 1.1 million tokens at $1.11, amounting to $298K. These actions were strategically timed during a price ascent, likely to secure profits without disrupting market flow.
Despite the surge reflecting market strength, the price remained well below the whale’s selling limits.
The result of the whale’s moves was decided entirely by MOODENG market interest and constant demand. A spike in purchasing behavior may eventually pull the whale’s sell targets.
On the other hand, should the market spook out, or traders get into the profit-track, the whale may actually end up staying in his position – neutralized in potential gains.
This MOODENG whale had avenged his actions. Ultimately, this crowd dynamic in the market alone did not determine the fate of these sell targets.
