MOODENG is showing strong signs of a potential breakout

MOODENG is showing strong signs of a potential breakout, with bulls eyeing a possible 85% rally as momentum builds

The price of MOODENG has recently surged by 15.5%, putting it at about $0.000050. This recent price jump was backed by strong trading activity, with daily volume surging 130% to hit more than $12 million.

According to data from CoinGecko, the Ethereum-based version of MOO DENG (MOODENG) was trading around $0.000050 on Friday, May 19, afternoon Asian time, after rising about 15.5%.

This latest price rally began after the token bottomed at $0.0018 in April. Since then, it has rebounded nearly 180%, now trading above both its short- and long-term moving averages.

This shift could be critical, as it usually signals a change in market trend. In this case, it suggests that buyers are gradually gaining the upper hand.

Moreover, MOODENG recently broke out of a falling wedge pattern, a classic bullish setup, and an golden cross just formed, with the 20-day EMA crossing over the 50-day EMA.

The last time this happened, MOODENG rallied about 140% from the breakout point.

Additionally, momentum indicators like the MACD lines and RSI are also flashing green and both are trending upwards. The RSI currently sits at 56, which suggests that the token still has some room to climb before hitting overbought territory.

Taking all these factors into account, MOODENG could continue its rally all the way to $0.093, which is around 85% higher than the current price. That level also happens to be a major resistance zone, which the token last tested in early February.

This potential breakout is being noticed by traders, with MOODENG trending on Google.

At press time, MOODENG was trading at $0.000050 per coin.