The Moo Deng price plummeted more than 19% in the last 24 hours to trade at $0.5159 as of 10:18 p.m. EST as investors dump their holdings in the meme coin on the market.
This recent drop in the MOODENG price comes after the crypto surged in the last 7 days. While some traders opted to realize their profits, the meme coin is still 46% in the green on the weekly time frame.
Moo Deng Price Resting On A Vital Support
1-hour chart for MOODENG/USD (Source: GeckoTerminal)
The Moo Deng price fell out of a short-term ascending channel in the last 24 hours, according to GeckoTerminal data. Afterwards, the meme coin printed a series of lower lows and lower highs on the 1-hour chart, resulting in the formation of a bearish price channel. Now, MOODENG is resting on the key support level at $0.5006.
Should the Moo Deng price lose the support of the $0.5006 mark, it could continue to trade in the newly-formed descending channel and potentially plunge to as low as $0.3840. However, MOODENG maintaining a position above $0.5006 for the next 6 hours might prevent the bearish move from taking place.
In an alternative scenario, the Moo Deng price might try to escape the current descending price channel and attempt a challenge at the $0.6531 resistance. Overcoming this technical obstacle could give the meme coin the space needed to possibly rise to the subsequent resistance at $0.7966.
Moo Deng Price Technicals Suggest The Meme Coin’s Drop Is Not Over Yet
Looking at technical indicators on MOODENG’s 1-hour chart, it seems bears currently have control of the meme coin’s price. Exponential Moving Averages (EMAs) suggest there was a bearish shift in momentum in the last few hours. This is evident by the 9 EMA’s positioning below the 20 EMA after the two lines crossed in the last 24 hours.
Sellers also recently overpowered buyers, which is evident by the Relative Strength Index (RSI) dropping below the 50 benchmark. With the negative slope of the RSI line, it seems bears are still growing stronger against bulls. If bears choose to capitalize on their current upper hand, they could push the Moo Deng price even lower through the course of the next trading day.
While MOODENG remains at the mercy of sellers, investors are flocking to buy meme coin rival Crypto All-Stars (STARS) for potential parabolic gains before it’s too late.
Offering Meme Coin Lovers An Innovative Multi-Coin Staking Solution
Crypto All-Stars (STARS) is a new project looking to make a name for itself in the flourishing meme coin space. To achieve this, Crypto All-Stars offers meme coin lovers an innovative staking solution that comes with support for a range of popular coins.
The list of supported meme coins includes DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO. The team will also add more options in the coming months.
By simply staking any of these tokens, meme coin investors will start to earn passive crypto rewards that are paid out in STARS. These STARS tokens can be staked as well, with the project offering a huge 265% APY to anyone who locks up STARS now.
WIth the current meme coin hype and subsequent rally in prices, investors will likely turn to Crypto All-Stars to grow their bags without having to rely on speculative trading. What’s more, the multi-coin support means that investors can put their holdings in several meme coins to work simultaneously and all on one platform to earn STARS.
Popular YouTuber ClayBro told his more than 130K subscribers that STARS could surge 10X after launching.
Investors Rush To Buy STARS Before Its Presale Ends
Crypto All-Stars has raised over $8.2 million through its presale so far. The buying frenzy is likely to continue as the project’s ICO enters its final stage. With just over 16 days left, time is running out for investors to get in early on STARS.
To acquire the token before its highly-anticipated launch and the potential 10X surge predicted by experts like ClayBro, investors can make use of the simple buy widget embedded on the project’s website.
Selling for $0.0016715, STARS can be bought with either ETH, USDT, BNB, FLOKI, SHIB, PEPE, DOGE or bank card. Once purchased, the STARS tokens can then be locked up via the staking page on the website for the 265% annual return.
Purchase and stake STARS here for the 265% APY before its presale ends.
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