Moodeng: Infinite Patience Required?
I am sorry, but Moodeng holders will need infinite patience. Recently, meme coins have taken a battering, and there is no end in sight. Moodeng is down by 94.45% from its all-time high. Surprisingly, from early February to early March, the price moved sideways, suggesting that it had hit a low point and stabilized. This sentiment was short-lived as the price fell another 2 cents to what we have today.
Looking at the chart, we see several areas of supply (areas where investors sold). These areas of supply will make any investor miserable. One can see that these are areas where only selling will take place. We must not forget to consider the fact that trading volume has thinned and liquidity has taken a hit. For now, Moodeng’s charm keeps it afloat, a testament to the power of memes in the unpredictable arena of crypto.
With the current price of $0.0392, some traders see the bottom forming, while others warn of further slides if broader market sentiment sours. So, as a trader, do you think the bottom is in? And as always, your guess is as good as mine.
