Connect with us

Market

Can Moo Deng Market Cap Hit $1 Billion After 40% Hike?

Published

on


The market cap of Solana-based meme coin Moo Deng (MOODENG) has surpassed $600 million following a 40% price increase in the last 24 hours. The milestone also saw the cryptocurrency’s value rally to a new all-time high of $0.63.

Interestingly, this development comes amid a sideways market movement, suggesting that the meme coin has decoupled from the broader trend. What’s next for the token?

Market Attention Shifts to Moo Deng

On Thursday, November 14, the Moo Deng market cap was less than $300 million. However, as demand increased for the hippo-themed meme coin, the price climbed from $0.35 to $0.62.

This price increase also affected the market capitalization since the metric is the product of circulating supply and price. According to data from Santiment, the token’s market cap is $625 million at press time.

MOODENG’s rise to a new all-time high could linked to the trending narrative around hippo-themed meme coins. For instance, yesterday, Binance listed sudeng (HIPPO), a meme coin built on the Sui blockchain. As a result, the hype around HIPPO spread to MOODENG since the latter inspired the former’s creation.

Moo Deng market cap
Moo Deng Market Cap. Source: Santiment

Furthermore, on-chain data shows a massive rise in the token’s social dominance. Social dominance measures the proportion of discussions focused on a specific asset.

An increase in social dominance indicates that discussions about the token are surpassing the average focus on top cryptocurrencies. Conversely, a decrease suggests the market is shifting attention away from the token toward others.

In MOODENG’s case, the rise in social dominance reflects growing market interest. If this trend persists, the cryptocurrency’s volume and price could continue to surge.

MOODENG social dominance
Moo Deng Social Dominance. Source: Santiment

MOODENG Price Prediction: Rally Could Run to $0.70

A look at the 4-hour chart shows that MOODENG’s price has rallied above the key Exponential Moving Averages (EMAs). When the EMA is below the price during an uptrend, it acts as a support level. Conversely, when the EMA is above the price during a downtrend, it serves as a resistance level.

Therefore, the current positions of the 20 EMA (blue) and 50 EMA (yellow) suggest that MOODENG’s price might continue to rise. If the indicators maintain their positions below the meme coin’s value, then the value might climb to $0.70, with Moo Deng’s market cap inching closer to $1 billion.

Moo Deng price analysis
Moo Deng 4-Hour Analysis. Source: TradingView

However, if momentum slows, the anticipated move may not materialize. Instead, the price could face a double-digit decline.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

XRP Price Eyes $2.0 Breakout—Can It Hold and Ignite a Bullish Surge?

Published

on


Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



Source link

Continue Reading

Market

Onyxcoin Buyers Drive Strong Demand as XCN Surges Past $0.01

Published

on


Onyxcoin has surged by nearly 30% in the past 24 hours, riding the wave of a broader crypto market rally. 

But beyond the market-wide momentum, on-chain data suggests that XCN’s spike, its strongest in over a month, is driven by genuine demand for the altcoin.

Onyxcoin Rallies, But There Is a Catch

XCN’s double-digit rally has been accompanied by a surge in its daily trading volume. This totals $128 million at press time, rocketing 480% over the past day.

XCN Price/Trading Volume.
XCN Price/Trading Volume. Source: Santiment

When an asset’s price and trading volume spike simultaneously, it signals strong market interest and momentum. This means more participants are actively trading XCN and validating its price movement. 

Moreover, the daily count of active addresses that have traded XCN today has climbed to a 60-day high of 1,646. 

XCN Active Addresses
XCN Active Addresses. Source: Santiment

This spike in active addresses reflects growing retail and possibly institutional interest in XCN. More wallets transacting the token typically suggests broader network participation and confidence, which can serve as a strong bullish signal for the asset.

However, not all traders share this bullish sentiment. In the XCN futures market, the outlook is persistently bearish, as reflected by the token’s negative funding rate. This is at a two-month low of -0.18% at press time. 

XCN Funding Rate
XCN Funding Rate. Source: Coinglass

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures to keep the contract price in line with the spot price. 

When an asset’s funding rate is negative like this, short traders pay long traders. This indicates bearish sentiment and that more XCN traders are betting on the price to fall.

XCN Clears Key Barrier as Accumulation Grows — Is $0.015 Next?

Apart from the broader market recovery, the price rally is also supported by a visible uptick in on-chain user engagement, signaling that XCN traders are not just following hype but are actively accumulating.

On the daily chart, XCN has broken above the crucial $0.01 resistance level—a price point it struggled to break for two weeks. If the rally persists, XCN’s price could climb to $0.015, a high it last reached on March 5.

XCN Price Analysis
XCN Price Analysis. Source: TradingView

However, if market participants begin profit-taking, XCN could shed its recent gains and fall below the $0.011 support toward $0.0075.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Solana (SOL) Jumps But Smacks Into $120 Resistance Wall—Can It Break Through?

Published

on


Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io