Moodeng eyes 5-day high as RSI stays bullish and golden cross forms on hourly chart
Moodeng rebounds 17% from three-week low as key demand zone holds.
Moodeng price action has presented notable volatility since the start of this trading week.
On Monday, the price initially opened at $0.2100, swiftly dipping below last week’s established low at $0.1880, marking a new three-week trough. However, the daily demand zone situated just below the critical psychological level of $0.2000 successfully attracted buyers back into the market. This key support prompted a swift bullish recovery of approximately 17%, temporarily lifting Moodeng back above the week's opening price.
Highlights
-Moodeng found strong demand, triggering a swift 17% rebound from multi-week lows
-Bullish breakout met temporary rejection, but EMA signals hint further upside
-RSI readings stay bullish across all daily and hourly timeframes
Despite this impressive rebound, Moodeng subsequently faced stiff resistance around the critical support-turned-resistance at $0.2177. This price zone acted decisively, forcing the asset to close Monday’s session slightly lower and consequently forming a candlestick indicative of market indecision.
Moodeng price dynamics (May - June 2025). Source: TradingView
Today's price action further builds upon Monday's complex movements. During the Asian session on Tuesday, June 3rd, bullish traders maintained Monday’s upward momentum by driving Moodeng sharply higher by around 13.6%. This rally effectively broke through the established resistance at $0.2177 and reached an intraday high at $0.2297, notably filling the sell-side inefficiencies left over from the prior week’s trading range.
Moodeng retracement volume fades amid RSI-led breakout above key resistance
Nevertheless, Moodeng has not sustained this bullish momentum into the European session. Price retracement has pushed Moodeng back beneath the key technical pivot at the 20-day EMA positioned near the $0.2177 price level. Interestingly, the volume behind this retracement has diminished, suggesting the current pullback might represent a temporary market adjustment rather than a fundamental bearish shift.
Supporting this view of a potential temporary correction, the hourly chart reveals technically significant developments. The 20 EMA has recently executed a golden cross, rising above the 50 EMA, an indication that shorter-term bullish momentum remains structurally intact. Furthermore, the same 20 EMA is presently aligning closely with the 100 EMA at $0.2170, suggesting the possibility of yet another bullish crossover event in the near future. These technical EMA alignments tells of the strength of the current uptrend despite the ongoing pullback.
Additionally, relative strength index (RSI) indicators across the daily, 4-hour, and hourly timeframes remain positioned in bullish territories. This alignment supports the notion that bullish sentiment and buyer interest still dominate Moodeng’s overall trend. Should bullish momentum reignite as technical signals currently anticipate, Moodeng’s price is likely to revisit and potentially surpass last Friday’s peak at $0.2360. Such a move would lead to a notable five-day high, reinforcing positive investor sentiment and further validating the ongoing bullish narrative for Moodeng’s price outlook.
Moodeng broke below the recent support at $0.1940 after failing to hold above the EMA. Weekend recovery was short-lived as weak RSI signalled fresh selling pressure.
