- Moodeng skyrockets more than 100% after Binance listing.
- Liquidation levels suggested a correction is likely before a rally.
Moo Deng [MOODENG], a hippo-themed memecoin deployed on Solana, recently saw a strong price breakout following its listing on Binance Futures.
As trading volume continues to rise, indicating positive momentum, traders are wondering if MOODENG will maintain this momentum or if a market correction is imminent.
Moo Deng price action and prediction
Following its Binance listing, MOODENG saw a price surge of over 100%, breaking out from a key resistance level of a falling wedge pattern.
Traders speculate that this recent breakout could indicate room for even higher gains, especially as trading volume rises, signaling positive momentum.
As of press time, MOODENG was testing another significant resistance above its price. If price could break through, projections suggest a potential move to $0.2660, and possibly up to $0.3540.
However, many traders expect a short correction before a continued upward trend, given the magnitude of the recent rally.
Source: TradingView
For those looking to enter, analysts recommend waiting for a confirmed retest at current levels.
MOODENG’s momentum has shown strong growth, backed by timely listings on major exchanges, which may further boost its price trajectory.
Profit-taking and liquidations could hinder continuation
After Binance’s listing announcement, MOODENG’s price surged as expected, allowing one savvy trader to make $140K in minutes.
This trader quickly bought 2.77 million MOODENG tokens with 1300 SOL and sold them for 2109 SOL, securing a substantial profit.
While similar trades have followed other Binance listings, the current trend raises questions about whether MOODENG’s price will continue higher or face selling pressure from traders taking profits.
Source: Lookonchain
Market observers are closely watching for further moves, as higher volume and momentum could support MOODENG’s ongoing rise.
A further analysis of the liquidation patterns suggests that the crypto faces clustered liquidation orders near $0.144 worth almost half a million, creating a price floor.
Meanwhile, fewer liquidation orders above current levels limit the possibility of a swift move higher.
For MOODENG to continue its rally, it may need to first dip slightly, releasing pressure before potentially climbing again.
Source: Coinglass
This listing has brought considerable interest and price momentum, positioning it as one of the most-watched memecoins currently.
Realistic or not, here’s MOODENG’s market cap in BTC’s terms
As traders weigh profit-taking against future gains, MOODENG’s price trajectory remains promising yet cautious.
The next few days could be key in determining if this hippo-themed coin will form new highs or settle into a correction phase before attempting another rally.