As crypto markets turn bullish, on-chain traders aren’t being left behind, as MoonDAO’s Mooney token (MOONEY) surges +40%.
Recent weeks have seen a huge trend in explosive DEX-launched tokens, with countless moon-shots garnering significant attention, including the ever-popular APX, OGGY, MEGA, REFUND, DRS and THING.
With the stated aim of sending crypto degens into space, MoonDAO’s mission is to create a self-sustaining, self-governing settlement on the Moon by 2030 to act as a launch point for humanity to explore the cosmos
MOONEY Price Analysis: Is Mooney Going to Skyrocket or Flop?
As price action attempts to push up MOONEY is currently trading at a market price of $0.0009877 (representing a 24-hour change of +17%).
This comes as price action enters its third week of consolidation between lower support at $0.0007862 and upside resistance at $0.0012.
A significant brief retest of lower level support at $0.000165 yesterday bounced back with resounding success, demonstrating a strengthening of technical structure that could prime Mooney to bounce.
Yet, upside price moves remain limited by the significant upside resistance level.
With 11.78k holders and a $2.58m market cap, MOONEY seems stable here, with plenty of opportunity for upside price moves following the well-defended consolidation period.
But price action is also vulnerable here, with 24-volume sat at a lowly $1.9k – suggesting small transactions could drive big price movements.
To the upside, this leaves MOONEY with a breakout target at $0.0014 (a possible +41.56%).
While downside risk could see MOONEY return to $0.00039 (a potential -60.57%).
MoonDAO’s risk: reward ratio then currently stands at 0.69 – a bad entry, characterised by downside vulnerability.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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