key: After flying under the radar for most of the year, MOODENG has been one of the best-performing coins in the crypto market in May, increasing by over 750%

After flying under the radar for most of the year, MOODENG has been one of the best-performing coins in the crypto market in May, increasing by over 750%

Key Takeaways:

* After flying under the radar for most of the year, MOODENG has been one of the best-performing coins in the crypto market in May, increasing by over 750%.

* The rally intensified this week after Robinhood announced it would list MOODENG alongside MEW on its trading platform.

Now trading at its final resistance level, the price movement raises the question: Is an all-time high on the horizon?

MOODENG’s Parabolic Rally

MOODENG’s price has increased since its $0.02 low on April 7. The upward movement accelerated once the price broke out from a descending resistance trend line and validated it as support (green icon).

In May, the MOODENG price went into a frenzy and increased 750% in a week, getting close to its all-time high price.

However, it stalled once it reached the $0.30 horizontal resistance area, beginning a short-term dip.

Nevertheless, MOODENG has regained its footing and reached the $0.30 area again.

Because of the lack of overhead resistance, a breakout above it could take the price to a new all-time high.

However, technical indicators paint a different picture. While the price action is positive, indicators show weakness.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bearish divergences (orange), often occurring at local tops.

As a result, the MOODENG price analysis is unclear and does not confirm if a breakout or rejection awaits. Let’s look at the wave count for more clarity.

New MOODENG All-Time High?

Unlike the price action, the wave count gives a decisively bullish MOODENG prediction.

According to the count, MOODENG is in wave three of a five-wave upward movement (green) that started in February.

Wave three is often the sharpest, explaining the parabolic rally, which occurred during sub-wave three (black) of wave three.

If the count is accurate, the MOODENG is completing sub-wave four, after which it is likely to move above the $0.30 resistance.

It is still unclear if the sub-wave four has bottomed or if MOODENG will create a slightly lower low, a breakout is likely in both cases.

Afterward, the fifth and final wave will likely take the MOODENG price to a new all-time high.

Breakout Incoming

The MOODENG price has reached the $0.30 resistance area for the second time.

While the first led to a rejection, a breakout is likely the second time.

Once MOODENG validates the area as support, it could move to a new all-time high price.