Moo Deng (MOODENG) saw impressive growth throughout September but towards the end of the month, its fortunes reversed, leading to a significant decline.
As of this week, Moo Deng has dropped 60% in value, and investors are puzzled about this dramatic decline.
Investor Confidence in Moo Deng Collapses
Market sentiment around Moo Deng shifted dramatically after it hit an all-time high of $0.355. Investors’ optimism faded quickly, and the weighted sentiment—an indicator of overall investor confidence—turned negative, signalling a lack of faith in the token’s potential recovery.
With this declining sentiment, the likelihood of a rapid rebound has also diminished. Reduced trading activity has exacerbated the price decline. Without renewed buyer interest, the coin’s recovery remains uncertain.
Looking at indicators, Moo Deng’s momentum has also shifted decisively bearish. The Relative Strength Index (RSI) dropped below the key neutral level of 50, which means weak buying pressure and strengthening bearish trends.
The drop in the RSI aligns with the broader market downturn for Moo Deng. With sellers dominating, the coin could face further downward pressure if these bearish trends continue.
MOODENG Price Prediction: Uncertainty Ahead
Moo Deng has seen its price drop nearly 60% in the past week, now trading at $0.132. The token is currently holding above the critical support level of $0.124, but this support may not hold for long.
There is, however, a potential for recovery. If Moo Deng bounces off the $0.124 support level, it could climb back to $0.180. Surpassing this mark would invalidate the bearish outlook and push the coin closer to $0.200, allowing it to recover some recent losses.
