Moo Deng worth gained momentum on Friday because it soared by over 136%, making it one of many best-performing tokens in crypto.
Moo Deng (MOODENG), the pygmy hippo-themed meme coin, surged to an intraday excessive of $0.104 on Might 9 afternoon Asian time—its highest stage since Feb. 1. The token has now gained over 300% from its yearly low.
The continuing surge coincides with a virtually 440% spike in futures open curiosity, hitting $125 million, the best since Jan. 7 per CoinGlass knowledge. Only a month in the past, open curiosity was sitting at solely $13.4 million. Rising open curiosity normally factors to rising curiosity from merchants and extra speculative exercise out there.
The rally additionally aligns with the altcoin’s weighted funding charge flipping optimistic as we speak. A optimistic funding charge principally signifies that merchants going lengthy are paying a small payment to shorts. It’s an indication that extra persons are leaning bullish and keen to pay as much as maintain their lengthy positions.
In the meantime, on-chain knowledge exhibits traders are holding onto their tokens, with exchanges seeing seven straight days of internet outflows totaling round $3.5 million. That’s usually bullish as a result of it suggests persons are shifting tokens off exchanges into non-public wallets, lowering the instant promoting stress.
Including gasoline to the hype, there’s rising buzz in the neighborhood that Binance would possibly checklist MOODENG on its spot market. Whereas nothing is confirmed, hypothesis is heating up since MOODENG is already buying and selling on Binance Futures and has listings on large exchanges like Coinbase, OKX, Bitget, and Gate.io.
MOODENG’s rally as we speak additionally mirrors a wider memecoin growth, fuelled partially by Bitcoin’s rally previous $100,000 for the primary time since February.
The bellwether’s momentum has reignited danger urge for food throughout the market, sending the whole memecoin market cap up 15% within the final 24 hours. Different large names like Pepe (PEPE), Pudgy Penguins (PENGU), Popcat (POPCAT), and Mog Coin (MOG) have additionally posted robust positive aspects of 20–50%.
Bitcoin was buying and selling round $103,075 at press time, simply shy of its all-time excessive, dominating market sentiment and serving to pull a broad vary of altcoins increased.
MOODENG worth evaluation
On the 4-hour USDT chart, MOODENG has damaged above the higher boundary of a bull flag sample, signaling a possible continuation of the uptrend primarily based on basic technical evaluation.
Importantly, the 50-day shifting common remains to be holding above the 200-day, that means the golden cross remains to be intact, holding the longer-term bullish development in play.
Momentum indicators are additionally lining up with the bullish outlook. The MACD strains have turned upward, hinting at rising optimistic momentum.
On prime of that, the Relative Energy Index has surged deep into overbought territory, hitting 94.7. Whereas this might sign that the rally is overheated within the brief time period, robust rallies in meme cash can keep overbought longer than anticipated.
With this setup, MOODENG may proceed climbing towards its subsequent large hurdle on the $0.20 psychological resistance stage. A clear break above that might pave the way in which for bulls to focus on this 12 months’s excessive of $0.31, which was final seen on Jan. 4.
As beforehand famous by analysts at crypto.information, historic developments recommend that after Bitcoin’s dominance approaches the 72.92% stage, final seen in December 2022, traders may start rotating capital into altcoins.
At the moment, Bitcoin Dominance sits at 64.14%. If historical past repeats, it may end in further momentum for memecoins like MOODENG within the coming weeks.
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