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Analyzing MOODENG’s ‘double top’ pattern: Should you expect a dip to $0.134?
In the latest market analysis, we have identified a concerning development on MOODENG’s charts – a double-top pattern has emerged. This phenomenon suggests that the bearish trends may persist and potentially lead to further price drops.
As of the time of writing, MOODENG was trading at $0.256 after experiencing a significant decline of over 35% in the last seven days. Market participants are left wondering if this sell-off is merely a correction or the start of a much larger bearish trend. Let’s dive deeper into the technical indicators and fundamental analysis to decipher the potential price action for this memecoin.
The Average Directional Index (ADX) shows that the prevailing bearish trends are weakening, which may lead to a range-bound consolidation period in the coming days. However, if buyers fail to step in, we could see a further dip towards $0.134, making it crucial to closely monitor market movements and adjust trading strategies accordingly.
It’s essential for traders to keep an eye on the ADX, as its shift indicates that bearish trends are losing steam. On the other hand, should this indicator fail to reverse, MOODENG could continue dropping, potentially causing a loss of value in investors’ portfolios.
The formation of a double-top pattern is quite concerning and has raised concerns among traders about the future trajectory of the token’s price action.
Source: ambcrypto.com
