Breaking ATH in November, MOODENG Token Predicted to Rise Again
2024-11-15
Bittime -The cryptocurrency market has been shocked again by the surge in MOODENG tokens. The meme coin has experienced a meteoric rise in November, reaching an all-time high on November 14.
The token value has surged by 120% during this month. Is there a possibility that MOODENG prices will continue to rise?
MOODENG All Time High
MOODENG's upward trajectory is truly parabolic. After breaking through a descending resistance trendline on October 23, the token underwent a brief correction before resuming its upward trajectory.
On November 9, MOODENG decisively broke through its previous record high, strengthening its bullish momentum. MOODENG's all time high price is at $0.52
Read also: MOODENG Price Analysis and Prediction, This is the Target Price!
Technical Analysis: Will It Continue Up?
Despite extremely bullish price action, technical indicators are starting to show signs of weakness. The Relative Strength Index (RSI) has formed a bearish divergence, indicating a potential loss of momentum.
In addition, the Moving Average Convergence Divergence (MACD) also showed a bearish divergence, further strengthening the bearish sentiment.
Also pay attention to price developments MOODENG to IDR today via the Bittime market!
Wave Analysis: Potential Peaks
Wave analysis shows that MOODENG may be in the final stage of a five-wave impulse wave.
The third wave, which is often the most powerful, has exceeded the length of the first wave. This suggests that the current upward movement could extend up to another 33%, potentially reaching a price of $0.61.
However, after reaching this peak, the price may undergo a significant correction, returning to the $0.30 support level. This correction would mark the start of a potential fourth wave, followed by a final fifth wave to complete the larger impulse wave.
Conclusion
MOODENG's rapid rise has been remarkable, but technical indicators suggest that a correction may be imminent.
Although the token may still experience further upside, investors should be cautious and consider taking profits at a strategic level.
As always, it is important to conduct thorough research and consult a financial advisor before making any investment decisions.
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