The Moo Deng price has soared 102% in the last 24 hours to trade at $0.1414 as of 04:31 a.m. EST on a 299% surge in trading volume to $295 million.
This comes after Binance Futures launched a MOODENG USD-margined perpetual contract today at 10:00 UTC. Users will enjoy up to 75X leverage trading the asset.
#Binance Futures will launch the USDⓈ-Margined $MOODENG Perpetual Contract at
🗓️ Oct 25 2024, 10:00 (UTC)
Read more 👉 https://t.co/FRuu1q8ZNA pic.twitter.com/Z9XLOaGwS2
— Binance Futures (@BinanceFutures) October 25, 2024
The Moo Deng meme coin is based on a pygmy hippo from a zoo in Thailand that went viral online.
Moo Deng Price Could Continue Soaring
The Moo Deng price has been on a downtrend since October 11, as the bears took charge of the price at the $0.15 resistance, dropping within a falling wedge pattern, according to data from GeckoTerminal.
MOODENG has now crossed above both the 50-day and 200-day Simple Moving Averages (SMAs), which signals that the price of Moo Deng is currently on a bullish trend.
Moreover, the Relative Strength Index (RSI) has already crossed above the 70-overbought region, currently at 78, which signals that the Moo Deng price is currently bullish and under intense buying pressure.
The Moving Average Convergence Divergence (MACD) also affirms the bullish stance, as the blue MACD line crosses above the orange signal line, forming a bullish crossover, and supporting the general bullish prospects.
The Moo Deng price bulls are aiming at maintaining the bullish stance, which could push the price of Moo Deng towards a sustained bullish stance, as they target $0.25.
MOODENGUSD Chart Analysis Source: GeckoTerminal.com
However, the RSI has been overextended, which may signal that the price may be due for a correction. In this case, the price of Moo Deng may drop further to the $0.085 (50-day SMA) support zone.
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