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MOODENG Price Soars 750% in May After Robinhood Listing — Breakout to All-Time High Imminent?

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Mary Jane
  • MOODENG surged 750% in May, fueled by a Robinhood listing and is now testing the crucial $0.30 resistance level.
  • A breakout could trigger a new all-time high, despite mixed technical signals.

After months in relative obscurity, Moo Deng (MOODENG) has exploded into the spotlight with an astounding 750% price increase in May, making it one of the hottest tokens in the crypto market. The momentum kicked into high gear following a high-profile listing on Robinhood, signaling a potential breakout that could push the coin to new all-time highs.

MOODENG’s dramatic rise began in early April when it bounced from a low of $0.02. The rally gathered steam after breaking a descending resistance line, turning that line into a springboard for even more upward movement. By mid-May, the coin surged to retest the $0.30 resistance zone — a crucial level that has historically capped upward price movement.

Also read: SUI Price Poised for Final Rally Surge as Major Resistance Levels Approach

Currently, MOODENG is testing this resistance for a second time, and the stakes couldn’t be higher. A successful breakout above $0.30 could open the door to uncharted price territory, igniting the next phase of bullish momentum.

However, traders should tread carefully. Technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) are flashing warning signs, with bearish divergences suggesting that momentum may be waning. This divergence often signals a potential pullback or price correction before any continuation upward.

Still, the Elliott Wave count offers a more optimistic forecast. Analysts believe MOODENG is currently in wave three of a five-wave bullish pattern — typically the most explosive phase. Within this context, the current consolidation may be part of sub-wave four, setting the stage for a powerful fifth wave that could shatter resistance and establish a new price peak.

In short, while short-term volatility is possible, the broader technical setup remains promising. If MOODENG breaks through the $0.30 resistance and turns it into support, a new all-time high may be more than just hype — it could be the next chapter in this crypto underdog’s breakout story.