Market overview:
Highest price in 24 hours: $0.34497
Lowest price in 24 hours: $0.20458
24-hour trading volume: 1.21B MOODENG
Strong selling pressure after failure to break out and a shift towards a downtrend
June 4, 2025 | 9:25 AM
Currently trading at $0.20461, recording a daily decline of -6.35%, after failing to maintain the resistance level at $0.23464. The price is currently moving in a downward direction after reaching a high of $0.34497, and the current movement shows a lack of buying momentum amidst increased selling pressure. The price is trading in a narrow sideways range with a downward bias.
• Analysis and forecasts
The price rebounded from the peak of $0.34497 and then sharply declined after testing resistance at $0.23464. This indicates a significant weakness in upward momentum, with clear selling signals. The order book shows continuous selling pressure, with offers accumulating at levels of $0.2046, indicating overselling. The inability to break through $0.23464 confirms a trend reversal to the downside with the potential to test nearby support at $0.204.
• The price is in a slow decline that may continue to the level of $0.2000 if the current support at $0.204 is broken, making selling near current levels a low-risk opportunity with a focus on the next support.
Resistances:
$0.23464 (previous resistance repeated)
$0.25809 (temporary peak of the descending pattern)
Supports:
$0.20458 (daily support)
$0.20000 (potential additional support)
Selling pressure is evident with declining buying momentum, and the absence of any breakthrough of key resistances. Continued trading below $0.23464 indicates further potential decline towards $0.2000. Traders may find selling opportunities while monitoring current support, focusing on breaking the next support in case of a deeper decline.
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