MOODENG: This mode can push it to break through $0.93, provided that .................

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Moo Deng [MOODENG] has decreased by 2.07% in the past 24 hours. As of the time of writing, the trading price of the token is $0.3876.

Its 24-hour trading volume is $133.7 million. In the past week, the token has decreased by 15.97%.

The market capitalization of MOODENG is $383.5 million, with a circulating supply of 990 million tokens. In the past 24 hours, its price has fluctuated between $0.3797 and $0.4042.

In the past 7 days, its price has fluctuated between $0.3232 and $0.5358. Since reaching an all-time high of $0.6804 on November 15, 2024, MOODENG has retraced by 43.3%.

Despite the recent decline, analysts are optimistic about a potential bullish breakout. The descending wedge pattern on the chart suggests that the current downtrend may reverse, leading to a significant price rebound.

Bullish descending wedge and key support level

The price movement of MOODENG shows a descending wedge, a chart pattern that typically signals a potential reversal.

This pattern is characterized by consistently lower highs and lower lows converging to a point, usually indicating a weakening downtrend and an increased likelihood of an upward breakout.

One analyst emphasized that $0.35 is a key support level. This area has held strong multiple times, preventing further declines and becoming a critical accumulation zone.

According to Rose Premium Signals, the next major move will depend on breaking above the upper wedge trendline.

Analysts state: "Breaking the wedge indicates that bullish momentum will continue, with strong upward potential."

Expected price targets after the breakout include $0.56, $0.74, and $0.93. In particular, the $0.93 level is seen as a challenging resistance level that may determine whether further upside is possible.

Market sentiment and trading activity

Market data shows a 31.53% decrease in trading volume, currently at $414.98 million. Open interest has also fallen by 6.52%, currently at $139.12 million.

Although investor sentiment remains mixed, this data suggests a decline in market participation.