MOODENG on Ethereum eyes 85% rally as golden cross forms

MOODENG is showing strong signs of a potential breakout, with bulls eyeing a possible 85% rally as momentum builds from both technical indicators and increasing whale accumulation. According to data from CoinGecko, the Ethereum-based version of MOO DENG ( MOODENG ) was up about 15.5%, trading around $0.000050 on May 19, afternoon Asian time. That puts it up nearly 180% from its lowest point this year, and gives it a market cap of roughly $11.39 billion. This recent price jump was backed by strong trading activity. Daily volume surged 130% over the previous day, hitting more than $12 million, a clear sign of renewed market interest. Looking at the 4-hour chart, MOODENG has made a solid recovery since it bottomed at $0.000018 in April. It’s now trading above both its short- and long-term moving averages, which usually signals that buyers are in control. MOODENG price, 50-day and 200-day EMA chart — May 19 | Source: TradingView On top of that, the token recently broke out of a falling wedge pattern , a classic bullish setup. Even more encouraging, a golden cross just formed, with the 20-day EMA crossing over the 50-day EMA. The last time this happened, MOODENG rallied about 140% from the breakout point. You might also like: Bitcoin ETF weekly inflows drop 35% as Fed holds off on cuts Momentum indicators are also flashing green with both the MACD lines and RSI pointing upwards. The RSI currently sits at 56, which suggests MOODENG still has room to climb before hitting overbought territory. MOODENG MACD and RSI chart — May 19 | Source: TradingView Based on this setup, MOODENG could continue its rally all the way to $0.000093, which is around 85% higher than the current price. That level also happens to be a major resistance zone, which the token last tested in early February. Momentum on the technical front is also being matched by a rise in daily active addresses, hinting at growing network usage and retail participation. Meanwhile, whales appear to be jumping in, too. Data from Santiment reveals a noticeable increase in addresses holding between 10,000 and 100 million MOODENG tokens, which suggests large holders are accumulating. Source: Santiment The uptick in whale activity and trading volume has coincided with MOODENG trending on Google, further hinting at growing retail curiosity. At press time, MOODENG was exchanging hands at $0.000050 per coin. Read more: Ethereum retraces to $2.3K after strong rally, analysts eye fresh upside ahead Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Source: crypto.news