Analysts see bullish momentum for Moo Deng memecoin even after 11% drop

• Moo Deng has dipped by double digits, although uptrend momentum remains intact.
• Vitalik’s backing and KRW listing boost long-term sentiment.
• Moon Deng must hold above the 0.618 Fibonacci retracement support level for the continuation of the bullish trend.

After a splendid performance, the Moo Deng memecoin has seen its price drop by about 11.9% over the past week, signalling a pause in its recent bullish momentum.

This correction follows a euphoric rally that captured significant market attention, propelled by both celebrity-level virality and support from Ethereum co-founder Vitalik Buterin.

The price currently trades at approximately $0.231, down from recent highs that brushed against the $0.27 mark, reflecting a cooling-off period after intense speculative activity.

Technical analysis suggests continued bullish momentum

Despite the dip, Moo Deng’s broader trend remains intact, supported by a strong confluence of technical indicators and a surge of institutional interest following its listing on Korea’s Coinone exchange.

Welcome! @MooDengSOL
New Listing #MOODENG
$MOODENG Gets Listed on Coinone.

자세한 사항은 https://t.co/wu6lns1WP0 를 참고해주세요.

🦛Pair : MOODENG/KRW
🦛Deposit : Now Open
🦛Trading : 12:00pm(KST) pic.twitter.com/rvIlRQuARC

— Coinone (@CoinoneOfficial) May 21, 2025

Even though the memecoin has shed close to 14% from its local high, analysts are viewing the retracement as a healthy part of the current uptrend rather than a shift in trend.

As price retreats, it is now testing a support-rich confluence zone that includes the 0.618 Fibonacci retracement level, the 200-day moving average, and a long-term high time frame support range.

Historically, such zones have triggered strong bullish reactions, and if this pattern holds, the recent dip may represent an ideal accumulation opportunity.

Bulls are looking for the formation of a higher low that would reinforce the validity of the ongoing uptrend.

If Moo Deng confirms support here and begins to reverse, the price is likely to target previous resistance levels near $0.31 and possibly $0.35 in the coming sessions.

Fundamentals and sentiment remain strong despite volatility

Notably, the current price retracement came just weeks after Vitalik Buterin donated 88 ETH, worth around 10 million Thai baht, to Khao Kheow Zoo in Thailand to sponsor Moo Deng, the real-life pygmy hippo behind the memecoin, as promised in December 2024.

That high-profile gesture not only elevated Moo Deng’s global profile but also catalysed a dramatic surge in price and trading volumes, with the token gaining over 125% in the days that followed.

Although the hype has temporarily settled, the coin still benefits from strong community engagement, viral momentum, and expanding market access via the KRW market on Coinone.

The combination of cultural relevance, blockchain symbolism, and real-world charity has created a uniquely resilient narrative around MOODENG, giving it more staying power than typical memecoins.

While short-term traders may react to pullbacks with caution, long-term holders appear confident that this correction is part of a larger bullish pattern.

With Moo Deng trading within a predictable technical structure and supported by increasing liquidity, market watchers are now eyeing a potential rebound that could reestablish upward momentum.

If this support level holds and the anticipated higher low forms, MOODENG could soon resume its climb and challenge its recent highs, making the current dip a potentially strategic re-entry point.