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Analyzing MOODENG’s ‘Double Top’ Pattern: Should You Expect a Dip to $0.134?
The cryptocurrency market is known for its volatility and unpredictability, but sometimes technical analysis can provide valuable insights into the future price movements of a particular asset. In this article, we’ll analyze MOODENG’s (MOODENG) recent price action to see if there are any signs that suggest a dip to $0.134.
MOODENG has formed a double-top pattern on its one-day chart after a significant drop of 35% in the last seven days. The memecoin’s value currently stands at $0.256, down from an all-time high of $0.69 reached in mid-November.
An analysis of the Average Directional Index (ADX) reveals that the prevailing bearish trends are weakening. This could lead to a period of consolidation or even a bullish reversal if buyers step in and prop up the price.
However, should we expect a dip to $0.134? The double-top pattern on MOODENG’s chart indicates that the bears may still have some steam left in them. If sellers fail to relinquish their grip on the market, the memecoin could drop further towards $0.134, which is currently serving as a key support level.
The Chaikin Money Flow (CMF) indicator has shown a rising trend of selling activity over recent days, suggesting that buyers are not stepping in to support the price at its current levels. The Directional Movement Index (DMI) also highlights the prevailing bearish trends on MOODENG’s chart.
Additionally, Coinglass data reveals that short sellers dominate the market, with the Long/Short Ratio for MOODENG dropping to 0.89. This indicates that many traders are anticipating further price declines and may be positioning themselves accordingly.
In summary, while there is a possibility of a bullish reversal or consolidation, the double-top pattern on MOODENG’s chart does suggest that the bears could still have some influence over the market in the near term. If sellers continue to drive the price lower, it wouldn’t be surprising to see MOODENG dip as low as $0.134.
Please note that any predictions made here are purely speculative and should not be taken as investment advice.
Source: ambcrypto.com
