Moo Deng Meme Coin Surges 30% Amid Market Turmoil, Signals Bullish Momentum

Moo Deng (MOODENG) is making waves in the crypto world. This meme coin, inspired by the adorable viral hippo baby, has jumped by 30% in just 24 hours. That’s quite a surprise, especially since many other cryptocurrencies are seeing price drops due to market volatility.

On October 1, the market was hopeful for a positive quarter. But then, geopolitical tensions rose when Iran launched a missile at Israel. This sparked panic and led to sell-offs. As a result, liquidations topped $500 million in just one day. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) took a hit. Yet, amidst this chaos, Moo Deng stood out.

In the last day, MOODENG’s price climbed to $0.24. This surge is linked to a significant increase in trading volume. According to Santiment, Moo Deng’s trading volume exceeded $200 million. This indicates growing interest from investors. The rise in both volume and price suggests that most traders are buying the token. Increased buying pressure often leads to further price growth, hinting at a bullish sentiment. If this trend continues, we could see even more upward movement for MOODENG.

Another important factor is Moo Deng’s social dominance. This metric measures how much people are talking about a cryptocurrency compared to others. When it decreases, it means less attention. But with Moo Deng’s recent rise, it seems the market is shifting its focus to this meme coin during these turbulent times.

Looking at the 4-hour chart, MOODENG is currently priced at $0.25. It initially dropped to $0.18 on October 1 but rebounded after the Relative Strength Index (RSI) broke through resistance. The RSI is a tool that measures momentum by tracking the speed and size of price changes. An increasing RSI reading indicates bullish momentum, while a decrease suggests slowing momentum.

The analysis shows that the RSI for Moo Deng is still climbing after breaking past resistance. If this continues, the meme coin could reach $0.28 in the short term and possibly move toward $0.35 later on. However, traders should stay alert. If some holders decide to take profits, the bullish outlook might shift, and the price could drop to $0.19.