MOODENG, an Ethereum-based token, is currently 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, MOODENG was up about 15.5% on May 19, trading around $0.000050. This recent price jump was supported by strong trading activity, with daily volume surging 130% over the previous day to more than $12 million.
Analyzing the 4-hour chart, MOODENG has made a solid recovery since bottoming at $0.000018 in April. It is currently trading above both its short- and long-term moving averages, indicating that buyers are in control.
A breakout of a falling wedge pattern and the formation of a golden cross, with the 20-day EMA crossing over the 50-day EMA, are additional bullish signals for MOODENG. The last time this golden cross occurred, the token rallied about 140% from the breakout point.
Momentum indicators such as the MACD lines and RSI are also pointing upwards, with the RSI currently at 56, suggesting there is still room for MOODENG to climb before reaching overbought territory.
Based on this technical setup, MOODENG could potentially continue its rally to $0.000093, which is approximately 85% higher than the current price. This level also represents a major resistance zone that the token last tested in early February.
The rise in daily active addresses and growing network usage indicate increasing retail participation in MOODENG. Furthermore, data from Santiment shows a noticeable increase in addresses holding between 10,000 and 100 million MOODENG tokens, suggesting that large holders are accumulating.
The uptick in whale activity and trading volume has coincided with MOODENG trending on Google, indicating a growing interest from retail investors.
As of now, MOODENG is trading at $0.000050 per coin.
Please note that this article does not provide investment advice and is for educational purposes only.