Moo Deng (MOODENG) price saw an impressive rally throughout September, becoming a notable token in the crypto space. However, by the end of the month, the altcoin's fortunes changed and it began to decline sharply.

As of this week, Moo Deng has become one of the worst-performing tokens, with its value dropping by nearly 60%. Investors are now wondering what led to this significant price drop.

Moo Deng investor sentiment has collapsed

Market sentiment towards Moo Deng has changed dramatically. After hitting an all-time high of $0.355, investor optimism quickly evaporated. The weighted sentiment index, which measures the overall mood of investors, turned negative, signaling waning confidence in the token's resilience.

As sentiment declines, the chances of a quick recovery also decline. The lack of enthusiasm has led to lower trading volumes, exacerbating the price drop. Without buying interest, the coin’s recovery becomes uncertain, further worrying supporters.

Moo Deng's Weighted Sentiment Index | Source: Santiment

Technically, Moo Deng's momentum has also turned bearish. The Relative Strength Index (RSI) has dropped below the important neutral level of 50, indicating that buying pressure is weak and bearish momentum has taken over.

The RSI's decline from bullish to bearish reflects the overall market bias for Moo Deng. As the momentum is tilted towards sellers, the coin is likely to face more bearish pressure in the short term. This could lead to further price declines if bearish conditions persist.

Moo Deng RSI | Source: Santiment

MOODENG Price Prediction: “Hippo” is in danger

Moo Deng price has dropped nearly 60% in the past seven days, currently trading at $0.132. Currently, the meme is holding the important support level of $0.124, but this stability may not last long.

MOODENG/USDT 12-hour chart | Source: TradingView

With the negative market sentiment and bearish technical indicators, Moo Deng price could drop below $0.124. If this support level fails to hold, the meme coin will continue to decline, testing the next important support level at $0.099.

However, there is still room for recovery. If Moo Deng price can bounce from the $0.124 support level, it could launch a rally towards $0.180. A break above this level would invalidate the bearish outlook and push the coin closer to $0.200, recouping some of its recent losses.

Source: https://tapchibitcoin.io/gia-moo-deng-moodeng-giam-60-trong-mot-tuan-vi-ly-do-nay.html