Moo Deng (MOODENG) Price Surges 40% Amid OKX Listing – Can Gains Continue?

OKX announced the MOODENG/USDT spot trading pair, set to go live on November 15 at 12:00 PM (UTC). This move opens the door to OKX’s vast user base, which could lead to increased trading volumes for MOODENG.

The listing follows a series of endorsements from major exchanges, building a wave of market interest and contributing to the bullish trend seen in MOODENG’s price.

Strong Support from Major Exchanges

MOODENG has captured attention amidst a broader meme coin rally, with tokens like Dogecoin and Shiba Inu also recording impressive gains this quarter. However, MOODENG has managed to stand out, partly due to its recent support from top crypto exchanges.

Notably, Binance introduced a futures trading option for Moo Deng with up to 75x leverage, driving a staggering 90% price increase and intensifying investor interest.

Step 1. Create moo deng alt coin $DENG
Step 2. Kill Moo Deng
Step 3. Sell 40% of $DENG supply for $50 mil

— Matt Canada’s Other Burner (@hitthepenjamin) November 15, 2024

The market’s enthusiasm has helped MOODENG achieve a remarkable 103% gain over the past week, while its monthly performance boasts a 538% rise. These figures indicate the coin’s potential to deliver substantial returns for investors.

Additionally, Coinglass data reports that MOODENG’s futures open interest (OI) rose by 26% to $293 million, and its derivatives trading volume climbed 10% to $2.6 billion.

Such metrics underscore the growing attention on MOODENG as it gains traction in the crypto space.

Technical Outlook: Key Levels to Watch

As of November 15, MOODENG/USDT trades around $0.610 within an upward channel, signaling ongoing bullish momentum. Key resistance lies at $0.635; a breakout could drive the price towards $0.723, with the next target at $0.829.

On the downside, support is set at $0.512, with additional levels at $0.451 should bearish sentiment increase. The RSI of 72 indicates overbought conditions, though the strong uptrend may support continued buying.

The 50-day EMA around $0.400 reinforces bullish sentiment, providing a solid foundation for further gains unless the price dips below this level.

Key Insights:

• Bullish Channel: MOODENG maintains a bullish channel, supporting upward movement.

• Resistance Breakout: A push above $0.635 could lead to targets at $0.723 and $0.829.

• Support Levels: Key support at $0.512; RSI at 72 suggests overbought, but trend remains positive.