After a strong gathering during the weekend, Moo Deng is now undergoing a health decline. Despite the 13.81 % decrease, the bullish momentum remains intact with the price approaching the main support.
Moo DENG (MOODENG) has seen a sharp but expected correction after a strong weekend gathering that paid the price to resistance. This withdrawal is not a sign of weakness, but rather a natural break while still is a bullish trend. As prices decline, attention now turns into a major technical area that can provide the ideal preparation for the next men higher.
Main technical points
- Current correction: Moo Deng fell 13.81 % of the highest local level after hitting the resistance at 0.618 Fibonacci.
- Support area: The price approaches the meetings of the main levels: 0.618 fibonacci, 200 MA, and support for the high time frame.
- Al -Somalitan Preparation: The reversal of this region is likely to constitute a higher decline in the current upward trend and may lead to a return to $ 0.31 and possibly $ 0.35.
After the gathering strongly from its lowest level at the end of the week, Moo Deng faced technical resistance at the main Fibonacci level, which stopped the upper momentum and sparked a corrective stage. However, this step fits the structure of the upward trend, as it is expected to withdraw and even healthy to maintain long -term gains. A decrease of about 14 % may seem to be related to the surface, but the basic structure is still constructed.
The current decline is to bring Moo Deng to a supporting area. The level of 0.618 Fibonacci interferes with the moving average for 200 days, which is a historically strong area where buyers often enter.
If Moo Deng maintains this level and constitutes a higher decline, it will confirm the continuous force in the current upper market structure. Such a step will establish a deviation under resistance and provide technical confirmation that the correction ends, as the price rise to another payment.
What can be expected in the next basic procedure
If support and low -lower shapes persist, Moo Deng is likely to resume previous resistance levels and re -test previous resistance levels at $ 0.31 and $ 0.35. The bullish structure is still valid, and the continuation of the upward trend may be revealed quickly once the momentum returns.
