Key Takeaways
- Bitcoin was reaching new all-time highs, and the MOODENG token showed signs of wanting to rally. For long-term investors and swing traders, the psychological $0.3 level would be a key resistance level to watch out for.
The 10th of July marked the first birthday of the baby pygmy hippopotamus Moo Deng.
The Khao Kheow Open Zoo in Thailand, home of Moo Deng, or “bouncy pork” in Thai, saw four days of activities marking the internet sensation’s birthday.
The hippo celebrity’s fans travelled far and wide to see her.
Speaking to CBS News, Molly Swindell, determined to make her dream trip happen, flew from New York to Thailand.
“I just loved her so much and decided, you know what, I have three or four days off of work”.
The memecoin Moo Deng [MOODENG] crypto was launched in September 2024 on the Solana [SOL] network. It was quick to capture public attention.
Before September ended, MOODENG went from a micro-cap memecoin to commanding a $274 million market cap (mcap). While this was relatively small, it was a remarkable start.
That start has somewhat faltered, as CoinMarketCap data showed that the once-viral meme’s mcap was only $202 million, as of writing.
However, on the occasion of the baby hippo’s birthday, MOODENG saw a 15.57% rally on the 10th of July, with a 233% hike in daily trading volume.
A few hours before the time of writing, the price was pegged back slightly. But can Moo Deng crypto climb further?
Gauging the MOODENG bulls’ chances
Bitcoin [BTC] has made a new all-time high, pushing past the $113k mark.
The altcoin market has done well since the beginning of July, adding a cumulative $1.43 trillion in market cap from the lows of the 1st of July.
The memecoin market was also trending higher, the collective gaining just over $11 billion in market cap.
Source: MOODENG/USDT on TradingView
The Pump.fun initial coin offering scheduled for this weekend also contributed to bullish conditions in the memecoin market.
The price action of MOODENG also showed bulls have reason to be hopeful. The base from where a rally began in November 2024 was highlighted at the $0.15 area, which was now a bullish breaker block.
Over the past month, the memecoin had tested this zone as support and then rebounded higher. This showed a bullish structure in place once again, but also highlighted the $0.3 area as a key resistance.
At press time, the RSI was above neutral 50, showing a momentum shift toward the bulls. The OBV was also rising over the past ten days, making for a feasible buying opportunity for MOODENG bulls.
Source: Glassnode
Another promising signal came from the exchange net position change. Since May, its steady decline suggested ongoing accumulation of MOODENG.
After retracing from $0.32 to $0.12, Moo Deng began climbing back toward its May highs.
The gradual price recovery, combined with consistent accumulation, reflected growing bullish sentiment.
While the viral hippo’s birthday may not drastically move the market, the gains on that day revealed strong investor confidence.
