MOODENG price jumped more than 60% in the last 24 hours after Coinbase added the coin to its listing roadmap. The significant price movement was accompanied by a rise in the Average Directional Index (ADX) from 14 to 21.6, indicating growing trend strength.
The coin’s Relative Strength Index (RSI) also surged dramatically from 32 to almost 80, suggesting a rapid market momentum shift. Investors are now closely watching whether MOODENG can maintain its current uptrend and potentially test price levels around $0.7.
MOODENG Uptrend Isn’t That Strong Yet, But It’s Growing
MOODENG price experienced a remarkable surge of over 60% after Coinbase announced it 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 growing trend strength.
MOODENG ADX. Source: TradingView
The ADX ranges from 0 to 100, with key thresholds defining trend intensity. Values below 20 suggest a weak trend, while readings between 20-25 indicate a developing trend.
MOODENG’s ADX of 21.6 signals the emergence of a potentially strong directional movement, suggesting the recent price surge might continue as the market establishes a more definitive trend following the Coinbase announcement.
MOODENG Entered The Overbought Zone
MOODENG Relative Strength Index (RSI) surged from 32 to almost 80 in just a few hours after the recent price jump.
The RSI ranges from 0 to 100, with key thresholds at 30 and 70. Readings below 30 typically indicate an oversold market, while values above 70 suggest an overbought condition.
MOODENG RSI. Source: TradingView.
Historical data for MOODENG price shows that its RSI can remain elevated above 80 for several days before a correction occurs.
This suggests that while the current RSI indicates potential overvaluation, the price could continue to rise or maintain its current levels before experiencing a significant pullback.
MOODENG Price Prediction: Can It Keep Surging?
MOODENG 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, particularly with the Coinbase listing announcement.
MOODENG Price Analysis. Source: TradingView
However, if the uptrend loses momentum and the Coinbase listing fails to maintain market excitement, MOODENG could experience a significant pullback for the meme coin.
In this scenario, MOODENG price might retreat to test support levels around $0.32, reflecting the potential volatility and uncertainty inherent in cryptocurrency markets.