Moo Deng (#MOODENG ) experienced significant growth in September, becoming a must-watch token in the #cryptospace . However, by the end of the month, its fortunes reversed, and the price began to fall sharply.

This week, Moo Deng has become one of the biggest decliners, with its value dropping by nearly 60%. Investors are now wondering what caused this drastic drop.

Investor Confidence in Moo Deng Plummeted

The market sentiment around Moo Deng took a sharp turn. After reaching an all-time high of $0.355, investor optimism quickly faded. The weighted sentiment, which measures overall investor sentiment, turned negative, signaling a decrease in confidence regarding the token’s recovery.

As sentiment declined, so did the chances of a quick rebound. The fading enthusiasm led to lower trading volumes, worsening the price decline. Without renewed interest from buyers, the coin’s recovery seems uncertain, raising further concerns among its supporters.

From a technical perspective, Moo Deng’s momentum also decisively shifted to the bearish side. The Relative Strength Index (#RSI ) dropped below the critical neutral level of 50.0, indicating weak buying pressure and the dominance of #BEARISH📉 momentum.

The shift in RSI from bullish to bearish reflects the broader market trend for Moo Deng. With momentum favoring sellers, the token is likely to experience further downward pressure in the near future. If bearish conditions persist, the price could fall even lower.

Moo Deng Price Prediction: Risks Ahead

Over the past seven days, Moo Deng’s price has dropped by nearly 60%, currently trading at $0.132. For now, the #memecoin🚀🚀🚀 is holding above the key support level of $0.124, but this stability may not last long.

Given the negative market sentiment and bearish technical indicators, Moo Deng’s price could potentially fall below $0.124. If this support fails to hold, the meme coin could move lower and test the next critical support at $0.099.

However, there is still a possibility of recovery. If Moo Deng’s price bounces off the $0.124 support, it could initiate a rally towards $0.180. Breaking through this level would invalidate the bearish outlook and push the coin closer to $0.200, recovering some of its recent losses.

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