MOODENG price jumped over 60% in the past 24 hours after Coinbase added the coin to its listing roadmap. The significant price movement was accompanied by an increase in the Average Directional Index (ADX) from 14 to 21.6, indicating increasing trend strength.
The coin’s Relative Strength Index (RSI) also rose dramatically from 32 to nearly 80, suggesting a rapid shift in market momentum. Investors are now closely watching whether MOODENG can maintain its current uptrend and potentially test price levels around $0.7.
MOODENG's uptrend is not yet so strong, but it is growing
MOODENG price experienced a massive surge of over 60% after Coinbase announced that it had added the coin to its listing roadmap.
This significant price movement triggered a corresponding increase in its Average Directional Index (ADX), which rose from 14 to 21.6 in just a few hours, indicating increasing trend strength.
MOODENG ADX. Source: TradingView
ADX ranges from 0 to 100, with key thresholds defining the strength of the trend. Values below 20 suggest a weak trend, while readings between 20-25 indicate a developing trend.
MOODENG’s ADX of 21.6 indicates a strong move, suggesting that the price may continue to rise with the trend following the Coinbase announcement.
Moodeng has entered the overbought zone
MOODENG’s Relative Strength Index (RSI) rose from 32 to nearly 80 in just a few hours following the recent price jump.
The RSI ranges from 0 to 100, with key thresholds at 30 and 70. Readings below 30 generally indicate an oversold market, while values above 70 suggest an overbought condition.
MOODENG RSI. Source: TradingView.
Historical price data for MOODENG shows that its RSI can remain elevated above 80 for several days before a correction occurs.
Although the RSI indicates overvaluation, the price may rise or hold before a pullback.
MOODENG Price Prediction: Can It Keep Rising?
MOODENG’s current uptrend suggests the potential for price expansion, with the possibility of testing levels around $0.7 if the momentum continues.
The ability to sustain an RSI above 80 could indicate strong buying pressure and continued market enthusiasm, especially with the Coinbase listing announcement.
MOODENG Price Analysis. Source: TradingView
However, if the uptrend loses steam and the Coinbase listing fails to sustain market enthusiasm, MOODENG could see a significant pullback for the memecoin.
However, MOODENG price may retreat to test support levels around $0.32, reflecting the potential volatility and uncertainty inherent in cryptocurrency markets.
The article MOODENG Soars After Coinbase Listing Announcement appeared first on BeInCrypto Brasil.
