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crypto.news 2025-05-19 16:06:32

Moo Deng dips 13.81% but bullish trend still in control

Moo Deng dips 13.81% but bullish trend still in control

After a strong rally over the weekend, Moo Deng is now undergoing a healthy pullback. Despite the recent 13.81% dip, bullish momentum remains intact as price approaches a key support confluence. Moo Deng ( MOODENG ) has seen a sharp but expected correction after a strong weekend rally that pushed price into resistance. This pullback is not a sign of weakness but rather a natural breather in what continues to be a bullish trend. As price retraces, attention now turns to a key technical zone that could offer the perfect setup for the next leg higher. Key technical points Current Correction: Moo Deng has pulled back 13.81% from the local high after hitting resistance at the 0.618 Fibonacci. Support Zone: Price is approaching a confluence of key levels: the 0.618 Fibonacci, 200 MA, and high time frame range support. Bullish Setup: A bounce from this area would likely form a higher low in the current uptrend and could trigger a move back to $0.31 and potentially $0.35. MooDeng USDT (1H) Chart, Source: TradingView After rallying aggressively from weekend lows, Moo Deng faced technical resistance at a key Fibonacci level, which halted the bullish momentum and triggered a corrective phase. This move, however, fits the structure of a bullish trend, where pullbacks are expected and even healthy to sustain long-term gains. A drop of nearly 14% might seem concerning on the surface, but the underlying structure remains constructive. The current retracement is bringing Moo Deng into a support-rich zone. The 0.618 Fibonacci level is overlapping with the 200-day moving average, a historically strong area where buyers often step in. Additionally, this zone sits within a broader trading range between key support and resistance on the higher time frames, increasing the chances of a strong reaction. You might also like: Crypto bull run intact despite weekend volatility in Bitcoin If Moo Deng holds this level and forms a higher low, it will confirm continued strength in the existing bullish market structure. Such a move would establish a deviation beneath resistance and offer technical confirmation that the correction is ending, with price gearing up for another push higher. What to expect in the coming price action If support holds and a higher low forms, Moo Deng is likely to resume its uptrend and retest previous resistance levels at $0.31 and $0.35. The bullish structure remains valid, and continuation to the upside could unfold quickly once momentum returns. Read more: XRP surges; Influencers turn to RichMiner for daily passive income

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